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Tue November 19 2019

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Spain clinches funding for 21 wind farms

2 Aug The European Investment Bank (EIB) has agreed to finance construction of 21 wind farms in Spain.

It will provide up to the €385m (£350m) to Alfanar, the successful bidder in Spain's third auction of renewable energy schemes. The wind farms will be located in six areas - Andalusia, Asturias, Castilla-La Mancha, Castilla León, Galicia and Navarra - and will generate enough energy to the power 360,000 homes.

Alfanar and EIB have signed the deal for the first phase of the operation, which involves the provision of €44.2m to build the first four wind farms, which will have a capacity of about 99MW.

“We are delighted to support Spain’s huge renewable energy potential and help the country to meet its climate change targets,” said EIB vice-president Emma Navarro, who is responsible for climate action and the environment at the bank. “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.”

Alfanar Global Development CEO 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.”

The company’s general manager, Emmanuel Ozaez, added: “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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