Brussels, Paris, Madrid, 23 June 2008 – Spain's National Energy Commission launched a global call for tenders worth € 2,700 million, of which contracts for € 1,300 million have been awarded. € 600 million goes to Dexia Sabadell.
In Spain, five companies (Endesa, Iberdrola, Unión Fenosa, Hidrocantábrico/EDP en Viesgo) share most of the electricity distribution market. Their tariffs are fixed by the Spanish government and do not cover the entire production price. Spain's National Energy Commission therefore decided to launch a call for tenders with a view to covering the shortfall.
The finance is structured over fifteen years around a collection fee in relation to the Spanish electricity system, with a guarantee from the National Energy Commission.
All the major banks on the market, about ten in all, took part in this call for tenders, the largest of the year in Spanish public finance. The result: contracts for € 1,300 million have been awarded, with € 600 million going to Dexia Sabadell.
This significant success was made possible by the positioning of Dexia Sabadell on its market and by the synergies between Dexia Sabadell and the financial engineering teams at Dexia in public sector finance.
After structuring the finance for the Madrid ring road and then its metro, Dexia Sabadell thus consolidates its position as an innovative reference bank on the Iberian market, and from the viewpoint of the second part of the call for tenders from Spain's National Energy Commission, planned for this autumn.
Dexia Sabadell (www.dexiasabadell.es) is the Spanish subsidiary (40% held by Banco Sabadell) of the Dexia Group, world leader in public finance, project finance and infrastructure finance by way of public-private initiatives.
Dexia (www.dexia.com) is a European bank and the world leader in local public finance. Dexia is one of the top fifteen banking groups in the euro zone with a stock market capitalization of EUR 20.3 billion and 35,200 employees in 37 countries as of December 31, 2007. Dexia has one of the highest credit ratings in the banking industry. Dexia's development strategy is based on two pillars: its Universal Banking business in Europe (Belgium, Luxembourg, Slovakia and Turkey), and world leadership in Public/Project Finance.
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