Madrid, January 14, 2015. Compañía Española de Financiación del Desarrollo, COFIDES SA will contribute to Gestamp Solar international expansion in De Aar, South Africa
COFIDES will provide €1,094,000, from their own funds, by way of an ordinary loan. This loan will support the project of installing a photovoltaic plant for power generation under PPA (power purchase agreement). The total investment of Gestamp Solar will amount to €4.166m.
The project involves the construction and operation of a photovoltaic generation power plant of 10 MW. This operation reinforces the productive positioning of the company in South Africa, adapting itself to the country energy needs. The project is to be carried out within the development of renewable energy program in South Africa. This is the second project in which COFIDES has supported Gestamp Solar.
According to Jorge Barredo, CEO of Gestamp Solar, “We are very proud to bring to South Africa our overall experience” and he added, “Our presence in South Africa is enhanced by COFIDES cooperation, an important factor in developing such a project”.
COFIDES Chairman and CEO, Salvador Marín, said “We hope to continue contributing to the overseas growth of Gestamp Solar, which has a large international presence and hence a drag effect on other Spanish companies”.
Gestamp Solar (http://www.gestampsolar.com/), photovoltaic solar energy subsidiary of Gestamp Renewables, is specialised in the development, construction, operation and maintenance of solar farms in the US, India, Japan, South America, South Africa, Puerto Rico, Italy, France and Spain.
Gestamp Corporation (http://www.corporaciongestamp.com/) parent company of Gestamp Renewables is a European multinational leader in the steel, automotive components and renewable energy sectors.
It is currently present in 25 countries in Europe, America and Asia, with more than 140 industrial plants and has a global workforce of 39,000 employees. The annual turnover of Gestamp Corporation was €9,000m.
Gestamp Renewables, a division of Corporación Gestamp, is an industrial group that operates and supplies components within the renewable energy sector, with a unique integrated business model and with a presence across the value chain, from manufacturing and component supply, to the promotion, construction, maintenance, operation and development of wind energy projects, solar and biomass.
Gestamp Solar emerged as the related diversification within the main activity of the group and is now a major branch of differentiated activity with strong international development. It employs 270 people worldwide and has 780 MW in operation, 251 MW transferred to third parties and 143MW built for third parties.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF-Development Bank of Latin America.