You are Elena Robles Castaño, development director at Renovables Atlántico. On Monday 16 February 2026 you open the table in Mérida that must close the Sierra del Agua wind farm, and you need four signatures by 15 March. This week you must decide who, at that table, can really stop the deal.
The situation
Sierra del Agua is 280 megawatts and 80 turbines in the Sierra de San Pedro, Extremadura: a €340 million investment, 30% from your company's equity and 70% from a €238 million loan by the Banco Ibérico de Inversiones (BII). Before sharing anything with anyone, the farm earns an operating result of €68 million a year. Every month of delay costs Renovables Atlántico €840,000, and your board has said that without a deal on 15 March it walks away.
The Regional Government grants the public land and the building permits, asks for a concession fee of 1.5% of revenue and says it can only guarantee ten years of the remuneration regime. BII wants fifteen, and it has other wind farms in its pipeline. Three municipalities, 11,480 residents grouped in a joint council, ask for 4% of revenue against the 2.5% you offer, plus local hiring, a restoration deposit and a community fund. If the farm is never built, nothing changes for them.
Your company has alternative projects in another region, but they are some 18 months slower to permit. The region's unemployment is 18.4%, and the farm promises 280 construction jobs. You know the numbers better than anyone at the table; you have never negotiated with four parties at once.