Spanish renewable energy developer Forestalia has signed a 10-year power purchase agreement (PPA) with Galp Energia España to support the refinancing of its 42.7MW Canteras 3 wind farm in the Zaragoza province.
The Canteras 3 project, authorised for 40 megawatts (MW), comprises seven GE 158-6.1MW turbines supplied by General Electric. It began operations in July 2025.
The refinancing, arranged with Banco Sabadell, totals €46.7 million and includes a senior loan along with three additional tranches: two to cover guarantees linked to the PPA and one allocated for decommissioning costs, Forestalia said.
The PPA, structured as a pay-as-produced contract, covers 65% of the plant’s annual output, equivalent to around 73,515 megawatt-hours (MWh). The agreement is expected to ensure stable revenue for the next decade.
“This agreement strengthens our collaboration with Galp and contributes to the long-term financial viability of Canteras 3,” Forestalia said in a statement.
Forestalia received legal counsel from MAIO Abogados, while Banco Sabadell was advised by Clifford Chance on legal matters and DNV on technical aspects. Willis Towers Watson served as the project’s insurance adviser.
The new contract builds on a previous PPA signed between Forestalia and Galp for the 48.8MW El Campillo wind farm, also located in Zaragoza and covering 65% of its output.
Together, the Canteras 3 and El Campillo wind farms, situated in the municipalities of Quinto, Fuentes de Ebro, and Zaragoza, are expected to help avoid approximately 80,000 tonnes of CO₂ emissions annually.
