EIB grants EUR 50m loan to build new wind complex in Navarra

The European Investment Bank (EIB) has taken another step forward in the promotion of clean energy production in Spain. The EU bank will provide EUR 50m in financing to Renovables de la Ribera, a 50-50 joint venture between Iberdrola and Caja Rural de Navarra to build a new renewable energy project – the Cavar wind complex – in Navarra, Spain.

The new project, located between the municipalities of Cadreita and Valtierra, includes four wind farms and will have an installed capacity of 111 MW. Construction will enable the creation of up to 200 jobs and the complex is expected to become operational in the first quarter of 2020.

In this way, the EU bank financing provided to Renovables de la Ribera will help meet the goal proposed by the European Commission of generating 32% of the energy used in the EU using renewable sources by 2030. The new wind complex – which will not release any polluting emissions – will generate enough clean energy to meet the electricity needs of 46 500 people and will avoid the release 84 000 tonnes of CO2 into the atmosphere a year.

EIB Vice-President Emma Navarro, who is responsible for climate action at the Bank, 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. Promoting clean energy generation is one of our key priorities. 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.”

Cavar is also the first wind project in Spain to sell its energy to a large corporation. A long-term bilateral contract (a Power Purchase Agreement or PPA) will see it produce 40 MW of clean energy for Nike in Europe.

Original source: EIB
Published on 27 November 2019