EIB finances three wind farms costing €45M

By TPN/Lusa, in News · 12-12-2019 17:39:00 · 0 Comments

The European Investment Bank (EIB) has financed three wind farms in Portugal of Eólica da Linha, which is fully owned by EDP Renováveis (EDPR) and has a total capacity of 96 megawatts (MW) with €45 million.

The three projects, which have a total capacity of 96 MW, also rely on co-financing from BPI and involve 240 jobs during the execution phase.

EIB financing will help Portugal comply with the National Renewable Energy Action Plan, through which 55% of the country's gross electricity consumption is expected to be generated from renewable sources by 2030.

Also, this project contributes to the European Commission's targets of having at least 32% of the final consumption of energy from renewable sources by 2030.

According to EDP, this is the first energy project signed in Portugal since the approval of the EIB's new energy lending policy and the new climate objectives.

"The financing of this project contributes to the EIB's financing priorities for renewable energy and climate action. The project will generate electricity from renewable energy sources and supports both European Union [EU] and national renewable energy targets," said EIB Vice-President Emma Navarro in the same document.

Portugal has great renewable energy potential and the EIB wants to help the country become a reference in the sector, through financing that promotes the transition to a low-carbon economy and at the same time increase employment, she said.

"As part of its strategy to position itself as the EU climate bank, the EIB has reaffirmed its commitment to increase funding to support Europe's ambition to become the first carbon-neutral continent by 2050," they said.

This position was followed by EDPR's CEO, João Manso Neto, who said in a statement that the credit line will help the company to strengthen its commitment in Portugal, the domestic market and a country that is making a great effort in its transition to a more environmentally friendly energy mix.

The CEO of BPI, Pablo Forero, stressed that with this project, the EIB and the BPI bank are taking a step forward in financing ecological projects in Portugal.


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