Industrial Barranquesa, a Navarre-based company specialising in the wind energy sector, will begin its internationalisation process in India with the help of COFIDES.
The company plans to set up a company and open a factory in Chennai for the manufacture of bolt cages, a key component in the construction of wind turbines. In order to support Industrial Barranquesa in this project, COFIDES has granted a co-investment loan of €1M from the Fund for SME Foreign Investment Operations (FONPYME) and COFIDES' own resources. Furthermore, the financing granted is guaranteed by Elkargi.
Industrial Barranquesa is a reference supplier for the main wind turbine manufacturers. Chennai is a key area in India for wind energy and is home to major wind OEMs such as Vestas, SiemensGamesa, Nordex and the associated supply chain.
The project significantly contributes to the achievement of SDG 5,Gender Equality, and SDG 8, Decent Work and Economic Growth. In addition, the operation benefits from the COFIDES Impact programme, through which it promotes projects that generate a positive impact on the SDGs. In this project, the price bonus on the financing of the variable sustainability component is linked to the annual calculation of the carbon footprint at their workplaces.
The COFIDES Chief Investments Officer, Miguel Ángel Ladero, highlighted that "COFIDES is committed to supporting companies focused on the renewable energy sector, which in addition to reducing dependence on energy generation from fossil fuels, contribute to sustainable growth and the creation of quality employment."
ABOUT INDUSTRIAL BARRANQUESA
Industrial Barranquesa is an SME created in 1960 with headquarters in Lacunza (Navarra). Since 1990, it has been manufacturing large metal parts for wind towers. It employs more than 100 people.
ABOUT COFIDES
COFIDES is a state-owned enterprise specialized in the management of State funds that provide medium- and long-term financing for private investments linked to different public policy purposes. COFIDES directly manages funds aimed at supporting the internationalization of Spanish firms, strengthening the solvency of companies severely affected by the COVID-19 pandemic, to attract foreign direct investment into Spain through co-investment deals and to contribute to the growth of the impact investment ecosystem in Spain. In addition, COFIDES supports the management of the financial cooperation portfolio of the Spanish Agency for International Development Cooperation, promoting sustainable development in emerging economies and developing countries. In the ownership structure of the Company, the Spanish State holds 53% of the equity. The remaining 47% is held by Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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