EIB to provide £316m for 21 new wind farms in Spain

WCN Editorial Team 5 Aug 2019 EUROPE ENERGY & UTILITIES

The European Investment Bank (EIB) has announced that it will provide up to €385m (£316.4m) to Saudi Arabia’s Alfanar to fund the construction of 547MW Lanuza onshore wind project in Spain.

The funding will be used to construct the Lanuza project, which comprises 21 wind farms in the regions of Andalusia, Asturias, Castilla-La Mancha, Castilla León, Galicia, and Navarra.

The new facilities will have the capacity to produce approximately 1.491GWh of clean energy annually, equivalent to the power use of 360 000 Spanish homes.

As part of the funding, EIB has approved €44.2m (£36.3m) to Alfanar for the first phase of the project, which involves the construction of the first four wind farms with a combined capacity of around 99MW.

EIB vice president Emma Navarro said: “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.”

The EIB financing, together with additional loan from various financial institutions, is planned to be provided via a Project Finance arrangement.

EU climate action and energy commissioner Miguel Arias Cañete said: “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.”

The wind projects are expected to employ 1,900 people during the construction phase and 170 people once operational.

Alfanar global development general manager Emmanuel Ozaez said: “Over the next few years, Spain is set to be a European leader in the energy transition to a technology mix where renewable power generation is the central pillar of the energy industry.

“Alfanar has gathered sound human and material resources in Spain, enabling us to implement a project portfolio of up to 3 GW for the 2019-2021 period developed, financed, built and operated by Alfanar and other strategic partners like the EIB.”

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Image: The Lanuza onshore wind project is planned to be built in Spain. Photo: courtesy of Bradi Bellini/European Investment Bank.

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