The European Investment Bank has signed a €175m green loan with Iberdrola to build and operate two wind farms totalling 274MW in northern Portugal.
Iberdrola said the project will integrate the facilities within its Tâmega pumped storage hydropower complex and supply clean energy to 400,000 people.
The loan is guaranteed by Spanish export credit agency Cesce, which stated that it is the second such operation backing green projects led by Spanish companies outside Spain.
The project, known as the Tâmega Wind Hybridisation, has completed installation of its first turbine and will connect the new wind farms with the Gouvães, Daivões and Alto Tâmega plants.
The hybridisation allows wind and hydropower to share grid infrastructure to optimise renewable integration and minimise environmental impact.
“With this new financing the EIB contributes to energy security in Portugal by unlocking synergies between clean technologies”, said Jean-Christophe Laloux, EIB director general of financing and advisory operations within the European Union.
Beatriz Reguero, area director for state accounts at Cesce, said “Cesce is proud to support Spain’s leading companies as they drive the energy transition across Europe.”
José Sainz Armada, Iberdrola’s chief finance, control and corporate development officer, said “This operation with the EIB and the guarantee from Cesce reinforces our financing strategy.”