The European Investment Bank (EIB) is set to finance the construction of 21 wind farms in Andalusia, Asturias, Castilla-La Mancha, Castilla León, Galicia and Navarra, Spain. These new facilities will have a total capacity of 547MW.
The wind farms included in this project were winning bids in the renewable energy auction that took place in Spain in July 2017, and have been developed by the Alfanar group. The EU bank will provide the project with several loans totalling up to € 385 million for construction and implementation. The two entities have already signed the first of these, under which the EIB is providing € 44.2 million to develop the first phase of the project. This EU bank financing, together with the additional loan from various financial institutions, will be provided via a Project Finance arrangement for the construction of the first four wind farms, which will have a capacity of around 99MW.