European Investment Bank Commits €50 Million To Build 9 Spanish Wind Farms With 300 Megawatts Of Capacity

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The European Investment Bank announced on Thursday that it would commit €50 million in loans to finance 9 wind power projects developed by the Spanish firm Forestalia Renovables which will be built in the Aragón region of Spain.

With support from the Investment Plan for Europe, the European Investment Bank (EIB) signed a €50 million to finance the Goya project, which is a collection of 9 onshore wind farms to be built in the region of Aragón, located the northeast of Spain. Spanish firm Forestalia Renovables will develop the Goya project, which is backed by shareholders Mirova, a subsidiary of Natixis dedicated to responsible investment, General Electric, Engie, and Forestalia itself, which together signed an agreement earlier this week.

Forestalia Renovables was awarded the contract to build the Goya project as part of Spain’s first clean energy auction back in early 2016, and it will be the first wind power concession to be awarded without public subsidies or incentives.

The Goya project will build 9 new wind farms — Argovento, Cañacoloma, El Saso, Sierra Luna, and Las Majas I, II, III, IV, and V — in Aragón, which will consist of 82 GE Renewable Energy wind turbines with a total capacity of 300 megawatts (MW) and a power generation capacity of 900 gigawatts-hours each year. Together with the €50 million loan committed by the EIB, investment for the project includes €120 million provided by a syndicate of commercial banks.

“The European Commission welcomes the financing of these nine wind farms in Aragón,” said Miguel Arias Cañetem, EU Commissioner for Climate Action and Energy. “Europe will always endeavour to support projects that invest in the transition to clean energy and job creation. Investing in renewables means investing in quality jobs. Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation. These projects provide an example of this potential and they will certainly not be the last.”