Through Cesce’s Green Investment Policy, support is extended to the ACCIONA Energy project, a milestone venture featuring the development and operation of the MacIntyre wind farm. This installation, situated southwest of Brisbane in Queensland, Australia, is planned to comprise 162 wind turbines and target an installed capacity of 923.4 megawatts. The initiative reflects Cesce’s commitment to channeling long-term, sustainable financing into high-impact renewable energy assets that advance decarbonization while contributing to regional economic growth and energy security in the region.
Cesce has guaranteed a syndicated loan totaling A$1.098 billion, approximately €712 million, to the subsidiary of ACCIONA Energía to fund its participation in this project. This financing showcases Cesce’s ability to mobilize international lenders and connect Spanish capital with large-scale infrastructure in the Southern Hemisphere, reinforcing the cross-border flow of green investment. The arrangement aligns with broader goals to scale renewable capacity in Australia and to support Spain-based sponsors in expanding their global footprint in clean energy.
The total estimated project cost stands at around A$1.878 billion, roughly €1,219 million. ACCIONA Energía will retain a 70% ownership stake through its Australian subsidiary, with a partner contributing the remaining 30%. In addition, ACCIONA Energía bears responsibility for the development, engineering, construction, management, operation, and maintenance of the wind farm, ensuring integrated delivery from project inception through lifecycle operations. This structure underlines a collaborative approach to capital deployment and project governance that can streamline execution and optimize performance across the long horizon of the asset.
The MacIntyre project is part of a larger MacIntyre Complex that includes two wind farms: MacIntyre Park and Karara Wind Farm. When completed, the complex will total 1,026 megawatts of capacity, marking what will be one of the most substantial wind energy deployments in Australia and positioning the country among global leaders in wind power capacity. This scale underscores a strategic commitment to renewable diversification, grid resilience, and meaningful emissions reductions across the region.
Xiana Méndez, Minister of State for Trade, remarked that Cesce’s green policy has yielded notable progress, highlighting the program’s role in expanding Spanish green finance into international markets and accelerating sustainable development in key economies. The endorsement from government representatives reflects a shared recognition of the policy’s capacity to unlock capital for large, transformative projects that generate durable environmental and economic benefits.
In the first year of operation, multiple transactions were completed under this model, contributing to the international expansion of leading companies in green technologies and broadening market access to some of the world’s most developing and demanding economies. The Australian market, in particular, provided a proving ground for integrating green finance into real-assets deployments, demonstrating Cesce’s ability to support clients through complex, cross-border financing cycles and long tenors that align with project life cycles and risk profiles.
Fernando Salazar, Cesce’s Chief Executive Officer, emphasized Cesce’s role as the Export Credit Agency that facilitates the international financing and investment activities of Spanish firms, especially when sustainable projects are involved. He noted the importance of maintaining a continuous partnership role in the internationalization journey of Spanish companies, reinforcing the agency’s capacity to mobilize capital, de-risk projects, and sustain global expansion with a green focus.
Arantza Ezpeleta, CFSO of Acciona Energía, commented that Cesce’s Green Investment Policy enabled the structuring of a highly efficient, long-term corporate finance solution. She noted that the arrangement meets the majority of investment needs for MacIntyre, the largest renewable project in the company’s history. She described the ECA operation as a milestone not only due to its size but also because it introduces a green financing component that amplifies the project’s environmental benefits and supports Queensland’s decarbonization goals. This sentiment underscores how policy-aligned financing can accelerate the transition to lower-emission power generation.
Construction of the MacIntyre project began in April 2022 and is slated to reach operations in February 2025. The operation and maintenance phase is expected to last approximately 30 years, with the overall loan tenor provided by Cesce spanning 16 years. The project’s lifecycle financing is designed to align loan terms with asset depreciation, maintenance cycles, and revenue generation timelines, helping ensure stable cash flows and long-term viability within a dynamic energy market.
The Green Investment Policy continues to support the financing of Spanish corporate investments abroad, incorporating a multi-bank syndication that includes MLA, Banco Santander, CaixaBank, Crédit Agricole Corporate and Investment Bank, HSBC, ING, and JP Morgan. Banco Santander acts as Representative before Cesce and the Credit Agent, while HSBC and JP Morgan participated as Coordinators. Crédit Agricole also joined as Corporate and Investment Bank, with HSBC taking a leadership role in ESG coordination. The coordinated effort among these institutions demonstrates a coordinated framework for funding large green projects, emphasizing risk management, ESG integration, and transparent governance across financial partners.
This operation stands as Cesce’s largest green-financed project to date within its Green Investment Policy framework.