The EIB supports this operation through a 'green loan', the characteristics of which are in line with the Climate Awareness Bonds (CAB) requirements.
EDP Renováveis announced on Tuesday in a statement that it will receive funding of 112 million euros from the European Investment Bank (EIB) and Banco BPI to build two wind farms in Portugal with a total installed capacity of 125 MW, in the districts of Coimbra and Guarda.
For a total amount of 65 million euros, the EIB loan will be provided through the European Fund for Strategic Investments (EFSI) and supplemented by a further 47 million euros from BPI.
“EDPR will develop, build and operate two medium-sized wind farms: Tocha II, with an installed capacity of 33MW, will be built in the municipality of Cantanhede, district of Coimbra; and Sincelo wind farm, with an installed capacity of 92MW, will be located in the district of Guarda, in the municipalities of Pinhel and Guarda, in the north of the country,” the company said in a statement, adding that these projects are expected to create around 560 jobs during the construction phase.
According to EDP, the EIB supports this operation through a ‘green loan’, the characteristics of which are in line with the Climate Awareness Bonds (CAB) requirements. This operation will be included in the portfolio of loans financed through the issue of these bonds.
“This project reinforces our partnership with EDP Renováveis and the Bank’s commitment to promoting climate action, economic development and cohesion. Supporting Portugal’s decarbonisation objectives while promoting growth and job creation is one of the EIB’s main priorities. If we want to make the post-COVID economic recovery green and inclusive, it is essential to promote the supply of renewable energy and its wide use by the productive sector and citizens,” said Ricardo Mourinho Félix, Vice-President of the EIB.