The European Investment Bank (EIB) is to provide up to €385m for 21 wind farms in Spain totalling 547MW that are being built by Alfanar.
The projects are located in Andalusia, Asturias, Castilla-La Mancha, Castilla Leon, Galicia and Navarra and will generate approximately 1.491 gigwatt-hours of electricity a year.
The wind farms were secured in a renewable energy auction that took place in Spain in July 2017.
A deal for the first loan of €44.2m has already been signed by the bank and Alfanar.
Other finance for the projects will come from various unnamed financial institutions.
The loan was signed under the Investment Plan for Europe – known as the Juncker Plan.
EIB vice-president responsible for climate action and the environment Emma Navarro (pictured) said: “We are delighted to support Spain’s huge renewable energy potential and help the country to meet its climate change targets.
“This project is a clear example of the EIB’s priorities in Spain: promoting the transition to a low-carbon economy by supporting sustainable economic growth and job creation.”
EU Commissioner for Climate Action and Energy Miguel Arias Canete commented: “The European Commission is proud to support this important renewable energy project in Spain via the Juncker Plan.
“Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation.
“The clean energy generated by these 21 new wind farms in six autonomous communities is equivalent to the power use of 360,000 Spanish homes, representing an important step in the right direction.”
Alfanar Global Development chief executive Jamal Wadi said: “The financing of the first phase of Alfanar’s portfolio of projects in Spain is a major milestone in our strategic plan, which will enable the implementation of new projects as part of our partnership with the EIB.
“We are delighted to have consolidated this agreement with the EIB following some very hard work over the last year.”