Acciona raises nearly €1,000 million for “green” funding for a channel in the US

MADRID, October 14 (European press) –

Acciona has closed €982 million “green” funding to build, operate and maintain a 48-kilometre flood protection canal between North Dakota and Minnesota in the United States for a period of 29 years.

This is the first closed “green” financing project in this country specifically aimed at climate change adaptation infrastructure, which achieved a “Baa3” risk rating, within investment grade, by Moody’s, according to the Spanish company’s media in a statement.

Acciona and its partners Shikun & Binui and North American Construction Group – participants in the Red River Valley Alliance (RRVA) – have illustrated this process in three different segments involving Citigroup, Morgan Stanley, CaixaBank, Sumitomo Mitsui Banking Corporation and the Korea Development Bank.

The Fargo Moorhead Canal, a project that requires a total investment of 2,376 million euros, has an estimated construction period of five years and will divert rainwater and rainwater from the Red River away from population centers.

The public-private partnership (PPP) agreement between the Fargo Moorhead Flood Diversion Authority and the Acciona Federation includes, in addition to the construction of the canal, all necessary associated infrastructure such as bridges, railway crossings and aqueducts.

The Fargo Moorhead Flood Diversion Project arose from studies conducted after the historic Red River flood in 1997, which caused an estimated €3 billion in damage.

Acciona’s presence

For Acciona, carrying out this engineering work represents the company’s entry into the US franchise and construction sector, where it is already present in the water and energy markets.

In the water sector, it has built and operated the Tampa Bay Desalination Plant, one of the largest desalination plants in the country, which supplies water to a total of 2.5 million people, and produces 108,000 cubic meters per day.

On the other hand, it has 1,064 megawatts of wind power installed in its 10 parks in the country, as well as 64 megawatts of solar thermal power plant in Nevada Solar One. The company has a solar PV growth plan in the US with a goal of installing 1.2 GW through 2023 and doubling its assets in the country.