Electric utility Iberdrola has secured €175m in financing from the European Union’s lending arm to build two wind farms in Portugal.
Iberdrola will use the European Investment Bank (EIB) green loan, guaranteed by Spanish export credit agency Cesce, to develop 274MW of wind capacity in northern Portugal. The two wind assets will be integrated into Iberdrola´s Tâmega pumped storage hydropower complex.
The Tâmega Wind Hybridisation deal marks the second EIB-financed operation for Iberdrola to benefit from a Cesce guarantee, a partnership aimed at bolstering Spanish green energy projects outside of Spain. It follows a similar arrangement for the Windanker offshore wind farm, which is currently under development in Germany.
Jean-Christophe Laloux, EIB director general of financing and advisory operations within the European Union, said: “With this new financing the EIB contributes to energy security in Portugal by unlocking synergies between clean technologies.
“By combining wind and hydropower the Tâmega complex will increase clean energy production and maximise use of existing energy infrastructure for the benefit of Portuguese consumers and local economies.”
José Sainz Armada, Iberdrola’s chief finance, control and corporate development officer, said: “This operation with the EIB and the guarantee from Cesce reinforces our financing strategy and confirms our capability to promote key strategic projects in the Iberian Peninsula and throughout Europe that improve energy security and competitiveness through electrification.”
Beatriz Reguero, area director for State accounts at Cesce, Spanish Export Credit Agency, said: “Cesce is proud to support Spain’s leading companies as they drive the energy transition across Europe.
“Tâmega hydropower complex demonstrates how long-term partnerships with institutions like the European Investment Bank and Cesce can channel innovation and sustainable investment into projects that strengthen economic growth and advance renewable energy for the future.”
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