EDP Renováveis S.A. (EDPR) will get EUR 65 million from the The European Investment Bank (EIB) and another EUR 47 million from BPI bank, to finance two onshore wind farms in Portugal.
According to the company, controlled by EDP group, where China Three Gorges has a 21% stake, the new wind farms, in the districts of Coimbra and Guarda, will have a combined capacity of 125 MW.
The EIB financing for the construction and operation of the wind farms is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
Once operational, the two wind farms will contribute to Portugal meeting its Energy and Climate Plan targets, which foresee 47% of renewable sources in gross final energy consumption by 2030, as well as the European Commission’s binding target of having at least 32% of final energy consumption coming from renewable sources by 2030.
In an EIB statement, European Commissioner for the Economy, Paolo Gentiloni, said the deal “is a winner for both the climate and the economy.”
EIB Vice-President Ricardo Mourinho Félix, responsible for the Bank’s operations in Portugal, said the project “strengthens our partnership with EDP Renováveis and reinforces the Bank’s commitment to promoting climate action, economic development and cohesion”.
“Supporting Portugal’s decarbonisation targets, while boosting growth and job creation, is one of the EIB’s main priorities. If we want the post-COVID economic recovery to be green and inclusive, it is key to foster the supply of renewable energy and its broad based utilisation by productive sector and by our citizens,” Mourinho Felix added.