Engie, Mirova and Forestalia join the ‘Phoenix project’ to create ten new wind farms in Aragon

GE Renewable Energy will be the technology provider for the new wind farms, which are financed by JP Morgan, Santander Corporate & Investment Banking and Banco Sabadell

ENGIE, Mirova and Forestalia join again in a new large wind project. The “Phoenix Project” will enable the execution of ten wind farms in the region of Aragon, adding 342 megawatts (MW). The project, whose works will begin immediately, is financed by JPMorgan, Banco Sabadell and Santander Corporate & Investment Banking, and counts GE Renewable Energy as technology provider.

ENGIE, Mirova and Forestalia have thus reinforced their partnership in the development of wind power technology, where they currently lead the construction -along with GE Renewable Energy- of 300 MW in the 10 wind farms of the Goya Project, also in Aragon. The Phoenix Project parks are located in five districts of Aragon in the provinces of Zaragoza and Teruel: Cinco Villas (six parks), Jiloca (two parks), as well as Campo de Belchite, Daroca and Cariñena, which share two other parks. Their construction involves the generation of more than 800 jobs during the construction phase and about 50 permanent jobs once the parks enter into service. These parks stand out for their excellent wind resource and will produce around 1000 GWh / year of green energy.

Forestalia, project promoter

Forestalia, promoter of the project, is a business group entirely dedicated to the promotion of renewable energy projects (wind, photovoltaic and biomass). Their current portfolio includes 3.6 gigawatts (GW), of which almost 2 GW were awarded by the Ministry of Energy through the three renewable energy auctions in 2016 and 2017. These parks belong to the auction of May 2017.

Forestalia -a company operating in Spain, France and Italy-, was ahead of the new paradigm of the generation of renewable electricity, in an efficient, open and competitive market, towards a carbon-free economy. The company, rooted in Aragon, advocates for the creation of value and opportunities for sustainable socio-economic development, with a positive return, especially where projects are located.


About ENGIE in Spain

ENGIE in Spain -with more than 2,200 employees-, is a strategic partner in energy matters accompanying clients in each challenge. Their differential value is the capacity to design, operate and maintain the facilities, including the supply of the energy required in each stage. In addition, the company contributes to the feasibility of the client’s Business Plan. ENGIE provides their clients in Spain with the best integral solutions adapted to customer needs, thanks to the knowledge acquired by ENGIE’s wide network of energy experts and multi-technical services. ENGIE is also committed to maximizing the savings of their customers through energy efficiency.

The ENGIE Group is a global reference in energy and low carbon services. Their ambition is to become the world leader in the transition to zero-carbon, particularly for businesses and civil society. ENGIE relies on its key businesses (renewable energy, gas and services) to offer competitive turnkey solutions “as a service”. With 160,000 employees, as well as customers, partners and shareholders, ENGIE is a community of Imaginative Builders, committed every day with more harmonious progress. Its turnover in 2018 was 60,596 million euros.




Mirova -a subsidiary of Natixis Investment Managers- is a leading asset manager, dedicated to investing in sustainability. Mirova is committed to channelling funding towards essential and sustainable infrastructure projects to address the challenges and opportunities of sustainable development, whether economic, social or environmental. With more than 15 years of experience in the management of renewable energy infrastructure and assets, Mirova strives to provide institutional clients with long-term investment opportunities in greenfield and brownfield projects throughout Europe, while supporting economic, community and environmental sustainable development. For Mirova, sustainable development begins with responsible investment.

As of December 31, 2018, Mirova has more than 10 billion euros of assets under management, including 731 million euros through energy transition funds managed by professionals dedicated to investment. Mirova has invested in the Phoenix project through its Mirova Eurofideme 4 fund.




Civil works and technologist


Aldesa, Eiffage and ELECNOR are the companies in charge of carrying out the civil works. GE Renewable Energy will be responsible for the foundation and installation of 91 turbines, which will have a full service agreement for 20 years including monitoring and support in Spain, as well as blades produced by LM Wind Power. GE Renewable Energy is a 15 billion USD company that combines one of the broadest portfolios in the renewable energy industry, providing complete solutions for customers seeking clean, reliable and affordable energy. GE Renewable Energy combines wind energy on land and sea, rotor blades, hydraulic and storage technologies, solar energy, solutions for the electric grid, as well as hybrid renewable systems and digital services. The company installed more than 400 GW of clean energy and equipped more than 90% of the energy producing companies worldwide through solutions for the electric grid. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy generates value for customers seeking to drive the world with clean, accessible, reliable and sustainable electrons.


The project enjoys a bridge financing provided by JP Morgan, Santander Corporate & Investment Banking and Banco Sabadell, which provides that asset with the necessary flexibility to go in optimal conditions to the long-term financial market and obtain at every moment the most interesting volume and financing formula.


Clifford Chance as legal adviser to the financiers, Cuatrecasas as legal advisor to the shareholders, DNV as technical advisor to the banks, KPMG as model adviser, Marsh as insurance consultant, and Rubicon Infrastructure Advisors as financial advisor to the shareholders, complete the team of world-class firms that have participated in the structuring of the project. Standard & Poors has certified the Green Loan nature of the financing.