European Bank finances wind energy in Portugal

The European Investment Bank (EIB) provided 45 million euros to the Eólica da Linha company, to build three wind farms in Portugal, according to a report available today at the bank’s website.

The project, co-financed by the Portuguese Research Bank (BPI), has a total capacity of 96 megawatts (MW) in the north and west of the European nation and will create 240 jobs during its implementation phase.

The three enclaves are located in the north and west of the country, specifically in Batalha / Leiria (Maunça? 20.5 MW wind farm), Tarouca (Vigia? 28.8 MW wind farm) and Penacova (Penacova? 46 wind farm, 8 MW)

According to the information, the EIB financing contributed to Portugal to implement the Government’s Renewable Energy Action Plan, which determined 80 percent of the country’s gross electricity consumption will be generated from renewable sources by 2030.

In addition, this project contributes to the binding objective of the European Commission to have at least 32 percent of the final energy consumption from this type of generation, by 2030.

EIB Vice President Emma Navarro said Portugal has great renewable energy potential, and the financial entity wants to help it become a benchmark in the sector by providing funds that promote the transition to a low-carbon economy and at the same time encourage growth and employment.

“As part of its strategy to position itself as the European Union’s climate bank, the EIB has reaffirmed its commitment to increase its funding to support Europe’s climate ambitions,” he said.

Eólica da Linha SA is owned by EDP Renováveis, the fourth most important in renewable sources and the fourth global wind energy operator.