The Cavar wind complex comprises four wind farms and is expected to be operational in the first quarter of 2020
The European Investment Bank (EIB) has agreed to provide €50m ($55m) to Renovables de la Ribera for the construction of 111MW Cavar wind complex in Spain.
The Renovables de la Ribera is a 50-50 joint venture (JV) between the Spanish electric utility company Iberdrola and Caja Rural de Navarra.
Located between the municipalities of Cadreita and Valtierra in Spain, the project comprises four wind farms and is expected to be operational in the first quarter of 2020.
Once operational, the complex will generate enough electricity which is sufficient to power 46,500 Spanish households annually, while preventing 84,000 tonnes of carbon emissions into the atmosphere annually.
EIB vice-president Emma Navarro said: “Spain has major renewable energy potential, and the EIB wants to help it to become a reference point in the sector by providing investments to promote the transition to a low-carbon economy while simultaneously fostering growth and employment.
“As part of its aim to establish itself as the EU climate bank, the EIB has reaffirmed its commitment to increasing its financing to support Europe in its plans to become the first carbon-neutral continent by 2050.”
Around 40MW of energy will be supplied to Nike
During construction, the project is expected to create 200 employment opportunities.
The financing provided by the EIB will help meet European Commission’s proposed goal of generating 32% of the energy used in the EU from renewable sources by 2030.
About 40MW of energy generated by the windfarm will be supplied to Nike in Europe under a power purchase agreement (PPA).
Iberdrola España CEO Ángeles Santamaría said: “the importance of access to climate financing instruments to accelerate the energy transition we need. These measures, together with emissions targets and the implementation of an environment-focused industrial and fiscal policy, will make it possible to move forward with the decarbonisation of our economy and climate change mitigation.
“In line with this commitment and an ambitious action plan, Iberdrola is making progress with major investment into renewables in Spain, where we plan to install 3 000 MW of new capacity by 2022 and up to 10 000 MW in 2030.”