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EIB Grants Loan to Iberdrola and Caja Rural de Navarra to Build New Wind Complex in Navarra

Power News - Published on Fri, 29 Nov 2019

Image Source: rasset.ie
The European Investment Bank has taken another step forward in the promotion of clean energy production in Spain. The EU bank will provide EUR 50m in financing to Renovables de la Ribera, a 50-50 joint venture between Iberdrola and Caja Rural de Navarra to build a new renewable energy project, the Cavar wind complex, in Navarra in Spain. The new project, located between the municipalities of Cadreita and Valtierra, includes four wind farms and will have an installed capacity of 111 MW. Construction will enable the creation of up to 200 jobs and the complex is expected to become operational in the first quarter of 2020.

In this way, the EU bank financing provided to Renovables de la Ribera will help meet the goal proposed by the European Commission of generating 32% of the energy used in the EU using renewable sources by 2030. The new wind complex, which will not release any polluting emissions, will generate enough clean energy to meet the electricity needs of 46 500 people and will avoid the release 84 000 tonnes of CO2 into the atmosphere a year.

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Posted By : Rabi Wangkhem on Fri, 29 Nov 2019
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