The European Investment Bank has granted a €335m green loan to Endesa for 15 wind farms and three solar plants in Spain totalling 785MW.
The wind projects have a combined capacity of 446MW, with the photovoltaic plants totalling 339MW.
They will be built in Aragon, Castilla-La Mancha, Castilla-Leon, Extremadura, Galicia and Murcia.
Construction is expected to generate 1700 jobs, EIB said.
EIB said the loan will finance projects that are fully in line with the requirements set out in its Climate Awareness Bonds programme.
Endesa was awarded 540MW of wind energy and 339MW of solar in renewables auctions in Spain in May and July 2017.
EIB vice-president Emma Navarro said: “Producing energy from renewable sources is a key element of the EU’s strategy to tackle the challenge of climate change.
“The EIB is the largest multilateral financer of climate action, supporting projects like this one that contribute to the ambitious objective of cutting greenhouse gas emissions to zero by 2050 by investing in the transition to clean energies.
“Spain could become an excellent model for this sector and the EIB will help it to realise its full potential.”
Endesa chief executive Jose Damian Bogas Galvez said: “The investment efforts that the company is making and will continue to make in renewable energies.
“This is a commitment that Endesa has made to drive a transition period enabling a move towards a fully decarbonised energy system by 2050.”
The bank is also providing a €70m loan to Talasol Solar to build the 300MW Talavan facility in Caceres in Spain.
Talasol, which is owned by Israeli company Ellomay Capital, also secured €107m through several facilities from Deutsche Bank for the project.
Talavan is scheduled to start operating in 2020.