Once operational, the 21 wind farms in the project would reduce greenhouse gas emissions in Spain and expand the production of clean energy using renewable sources
Image: The project marks one of the largest wind power projects financed by the EIB in Spain. Photo courtesy of fxxu from Pixabay.
The European Investment Bank (EIB) has announced its plans to finance the construction of 21 wind farms in Andalusia, Asturias, Castilla-La Mancha, Castilla León, Galicia and Navarra regions in Spain.
The new facilities designed to have a total capacity of 547MW and generate approximately 1.491GWh of overall energy per annum, which is equivalent to the power use of 360,000 Spanish homes.
EU Climate Action and Energy Commissioner Miguel Arias Cañete said: “The European Commission is proud to support this important renewable energy project in Spain via the Juncker Plan. Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation.
“The clean energy generated by these 21 new wind farms in six autonomous communities is equivalent to the power use of 360 000 Spanish homes, representing an important step in the right direction.”
EIB is financing one of the biggest wind power infrastructure projects in Spain
The project marks one of the largest wind power projects financed by the EIB in Spain following its contribution to the financing of the Goya project.
The project is supported by the EU bank by providing with several loans totalling up to €385m (£352m) for construction and implementation, and EIB by providing €44.2m (£40m) to develop the first phase of the project.
In addition to the financing, a loan from different financial institutions is procured through a Project Finance arrangement to construct the first four wind farms, with approximately 99MW capacity.
The project would not receive any public sector support and marks one of the first projects to be executed under the new regulatory framework for the industry, approved in Spain in 2013.
Once operational, the 21 wind farms would reduce greenhouse gas emissions in Spain and expand the production of clean energy using renewable sources.
EIB vice president Emma Navarro said: “We are delighted to support Spain’s huge renewable energy potential and help the country to meet its climate change targets. This project is a clear example of the EIB’s priorities in Spain: promoting the transition to a low-carbon economy by supporting sustainable economic growth and job creation.”
The project is expected to create employment to 1 900 people during the construction phase, and 170 permanent roles for operation of the wind farms.