Greece, Valorem has secured long-term debt financing to back the construction of its first wind farm

, SEE Energy News

French company Valorem has secured long-term debt financing to back the construction of its first wind farm in Greece, a project in Askio mountains in northwestern Greece with installed capacity of 27 MW.

The statement from the company said that it has raised the financing from local lender Alpha Bank. The debt of nearly 31 million euros is earmarked for its 40 million euros wroth Magoula wind project.

The wind farm will be equipped with six V150-4.5 MW turbines manufactured by Denmark’s Vestas Wind Systems. The annual gross electricity generation is estimated at some 71 GWh, or enough to supply some 18,000 homes.

Valorem intends to start the construction of the plant at the end of this year and bring it online in the first quarter of 2024. It has already signed engineering, procurement and construction (EPC) contract with Air Energy.

At the moment, Valorem has about 700 MW of RES projects under development in Greece.