The EIB provides €50 million for the launch of 9 wind farms in Aragón
Publication date: 26 April 2018
The plants will be operated by Forestalia Renovables, the largest awardee in Spain’s first renewable energy auction
The European Investment Bank has today taken a further step to promote the production of clean energy in Spain. With the support of the Investment Plan for Europe, the EU bank has signed a €50 million loan to finance a wind power project developed by the Spanish company Forestalia Renovables. The project, called Goya, includes Mirova—an investment management subsidiary of Natixis focused on responsible investment—GE, Engie and Forestalia itself among its shareholders. This Aragon-based company, specialised in the development of solar, wind and biomass energy, became the largest awardee in the first auction for new renewable electricity generation facilities held in Spain in early 2016. It was the first wind power award without subsidies or public premiums.
EIB financing, together with a €120 million syndicated loan provided by several financial institutions, will make it possible to build and operate 9 wind farms with a total installed capacity of 300 MW.
The new wind farms (Argovento, Cañacoloma, El Saso, Sierra Luna, and Las Majas I, II, III, IV and V) will be located in Aragón, specifically in the counties of Campo de Belchite, Daroca and Cariñena. A total of 82 wind turbines will be installed, capable of producing more than 900 GWh of electricity per year without generating any polluting emissions. In addition, the EIB-financed project will contribute to job creation: it will require the hiring of 700 people during the implementation phase and will create 50 permanent jobs once operational.
The Commissioner for Climate Action and Energy, Miguel Arias Cañete, stated: “The European Commission welcomes the financing of these nine wind farms in Aragón. Europe will always support projects that invest in the transition to clean energy and in job creation. Investing in renewable energy means investing in quality jobs. Spain has the potential to become a benchmark in renewable energy and in the creation of sustainable, long-term employment. These projects are an example of that potential, and I can assure you they will not be the last“.
Support for renewable energy is one of the priorities of the EU bank, whose objective is to promote the use of clean energy in order to reduce dependence on other, more polluting sources.
The EIB is providing this loan under the framework of the Investment Plan for Europe, known as the “Juncker Plan”. Its support helps increase the EIB Group’s capacity to finance investment projects that, in line with the criteria of the “Juncker Plan”, involve activities with a higher risk profile due to their structure or nature, and that foster business competitiveness and the creation of new jobs. This project will not receive public sector support and is one of the first to be launched under the new sector regulation approved in Spain in 2013.
The EIB and action against climate change
The EU bank is the multilateral institution that provides the most financing worldwide to combat climate change. Last year, the EIB devoted more than 25% of its total activity to this priority.
In 2017, the EIB provided €870 million in Spain to finance projects aimed at developing cleaner modes of transport and launching new, less polluting and more environmentally friendly production processes.
