New wind complex to spring up in Navarre thanks to EU loan
The new facility will create up to 200 jobs and will sell clean energy to Nike
- December 02, 2019 11:30
- Aseniya Dimitrova
Very soon Spain will be much closer to achieving its clean energy production goals. Thanks to a Green Loan provided by the European Investment Bank (EIB), a wind complex will be constructed in Navarre Autonomous Community.
According to the agreement, the EU bank will provide EUR 50m to Renovables de la Ribera, a joint venture between Iberdrola and Caja Rural de Navarra for the construction of the Cavar wind complex. The loan provided by the EIB fully complies with its Climate Awareness Bonds programme. Furthermore, the project 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.
Less emissions, more jobs
Located between the municipalities of Cadreita and Valtierra, the complex will consist of four wind farms with an installed capacity of 111 MW. Its construction will have economic and ecological benefits as it will create up to 200 jobs and generate clean energy to meet the electricity needs of 46 500 people. All of this will be achieved without releasing any polluting emissions – the savings amount to 84 000 tonnes of CO2 a year.
Cavar which is expected to become operational in the first quarter of 2020 is also the first wind project in Spain to sell its energy to a large corporation – a long term contract stipulates that 40 MW of clean energy will be provided to Nike in Europe.
Vice-President of the EIB Emma Navarro, responsible for climate action said: “Spain has major renewable energy potential, and the EIB wants to help it to become a reference point in the sector by providing investments to promote the transition to a low-carbon economy while simultaneously fostering growth and employment. Promoting clean energy generation is one of our key priorities. As part of its aim to establish itself as the EU climate bank, the EIB has reaffirmed its commitment to increasing its financing to support Europe in its plans to become the first carbon-neutral continent by 2050.”
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