Wind energy producer EDP Renováveis (EDPR) has secured a total financing of €112m from European Investment Bank and BPI for the construction of two onshore wind farms in Portugal.
Out of the €112m raised, €65m is being provided by EIB, with the remaining amount from BPI.
The two wind farms, located in the districts of Coimbra and Guarda, in total will have a nominal capacity of 125MW.
Banco BPI is co-financing these projects.
The financing by EIB is being supported by European Fund for Strategic Investments (EFSI).
EDPR will design, build and operate the two medium-scale wind farms – Tocha II and Sincelo.
Once operational, Tocha II and Sincelo projects will have a capacity of 33MW and 92MW, respectively.
The Tocha II wind farm will be built in the municipality of Cantanhede in Coimbra district, close to the Atlantic coast.
Sincelo wind farm will be located along the municipalities of Pinhel and Guarda, in Guarda district.
During construction phase, the projects are expected to provide temporary employment to 560 people.
EIB Portugal operations vice president Ricardo Mourinho Félix said: “This flagship project strengthens our partnership with EDP Renováveis and reinforces the Bank’s commitment to promoting climate action, economic development and cohesion. Supporting Portugal’s decarbonisation targets, while boosting growth and job creation, is one of the EIB’s main priorities.
“If we want the post-Covid economic recovery to be green and inclusive, it is key to foster the supply of renewable energy and its broad based utilisation by productive sector and by our citizens.”
The two wind farms are expected to help Portugal achieve its Energy and Climate Plan targets that expect at least 47% of total energy consumption to come from renewable sources by 2030.
The two onshore wind farms will be located in the districts of Coimbra and Guarda, Portugal. (Credit: EDPR)