Portuguese renewable energy firm Generg plans to develop up to 22 wind farms in the country by 2007, at a cost of around €480 million.

If financing to the tune of €365 million from the European Investment Bank (EIB) and a consortium of Spanish banks Banco Bilbao Vizcaya Argentaria (BBVA) and Caja Madrid, and Portuguese real estate investment bank Banco Portugues Imobiliario (BPI) is forthcoming, the plants will be operational by 2007. Additional funding will come from Generg.

The plants will have a total installed capacity of 442 MW, although four plants, with an installed capacity of 50 MW, are already operational.

Generg also runs nine hydroelectricity plants with around 33 MW of capacity.

If all the plans are executed. Generg will be responsible for 20% of Portugal’s renewable energy output.