The European Investment Bank (EIB) has granted Iberdrola a EUR 175 million green loan to promote the construction of two new wind farms in northern Portugal. This financing is guaranteed by Spain’s export credit agency, Cesce, as part of its strategy to support sustainable energy projects. sustainable energy projects projects led by national companies abroad.
Green loan for wind and hydroelectric plants
Both facilities will be integrated into the Tâmega pumped-storage hydroelectric complex, one of Portugal’s most important energy projects. The combination of wind and hydroelectric power will make it possible to share grid connection infrastructures, optimizing resources and reducing environmental impact.
This integration reinforces Iberdrola’s strategy of technological hybridization as part of its commitment to the energy transition.
Installed capacity and benefits for the region
The new wind farms will provide a total capacity of 274 megawatts (MW), enough to supply more than 400,000 people with renewable electricity. In addition to contributing to European and Portuguese climate targets, the project strengthens the energy security of the northern region of the country, which is considered a cohesion zone by the European Union.
With this operation, the EIB reaffirms its role as a catalyst for sustainable investment on the continent. This is the second project it has financed for Iberdrola under Cesce guarantee, following the offshore wind farm Windanker offshore wind farm in Germany. Both institutions highlight the strategic relevance of this type of project to reduce dependence on fossil fuels and accelerate compliance with the REPowerEU plan.
Technology in the service of climate and growth
Hybridization of wind energy and hydro storage hydraulic storage makes the Tâmega complex a model of efficiency and flexibility for European power systems. This type of solution makes it possible to make better use of renewable resources and stabilize energy supply, especially in scenarios of high demand or renewable intermittency.
Likewise, the development of the project will provide a direct boost to the local economy through the generation of employment, industrial activity and improvement of infrastructure in the surrounding area.
From Cescehighlights the role of public-private partnerships to make investments viable that allow Spanish companies to lead the change towards a cleaner energy model. For its part, Iberdrola is consolidating its position as a key player in the electrification of Europe, combining technological innovation with industrial scalability.
Source and photo: Iberdrola