On November 4, 2015 EW Orneta 2, 100% controlled by ERG Renew S.p.A., entered into a loan agreement under Project Financing for its wind farm located in Poland in the municipality of Radziejow. The plant went into production at the beginning of the third quarter 2015, having an installed capacity of 40 MW.
The loan, amounting to a total of 177.5 million Zlotys (approximately 42 million Euro) and a term of 14 years, was was entered into with Mandated Lead Arrangers, ING Bank, ING Bank Slaski and Bank Pekao (part of the UniCredit Group). ING Bank Slaski also acts in its capacity as Agent Bank and Bank Pekao also in its capacity as Account Bank.
As of 31 December 2015 the average weighted interest rate of the mortgages, loans and project financing was 1.52% (1.86% as of 31 December 2014). The indicated rate does not account for coverage transactions on interest rates.
The maturity dates, by year, for the existing medium-long term bank debts are as follows:
| ||Loans and Financing operations ||Project Financing |
|By the end of 31.12.2016 ||- ||144,718 |
|By the end of 31.12.2017 ||350,000 ||122,817 |
|By the end of 31.12.2018 ||58,625 ||162,743 |
|By the end of 31.12.2019 ||117,250 ||148,396 |
|By the end of 31.12.2020 ||168,698 ||153, |
|Beyond of 31.12.2020 ||- ||607,429 |
|Total ||694,573 ||1,284,578 |
| ||31/12/2015 ||31/12/2014 |
|Covered by owned tangible assets |
with expiration dates up to December 2026
|1,284,578 ||1,297,324 |
|Not covered |
with expiration dates up to August 2020
|694,573 ||13,583 |
|Total ||1,979,151 ||1,310,907 |
Refer to Note 26 for a comment on Covenants and negative pledges related to bank debts.