The European Investment Bank (EIB) is providing €50m funding to an Iberdrola joint venture for the 111MW Cavar wind complex in Navarra, Spain.
Renovables de la Ribera is a 50:50 JV between Iberdrola and Caja Rural de Navarra set up to build the project.
EIB is assisting the project via a green loan in line with the requirements set out in its Climate Awareness Bonds programme.
The project, located between the municipalities of Cadreita and Valtierra, is made up of four wind farms.
Construction will generate up to 200 jobs, with the complex expected to become operational in the first quarter of 2020.
Cavar will sell 40MW of its output to Nike under a power purchase agreement.
EIB vice-president Emma Navarro (pictured) 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.”
Iberdrola Espana chief executive Angeles Santamaria 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 3000MW of new capacity by 2022 and up to 10,000MW in 2030.”