European bank finances wind, small hydro in Spain

The European Investment Bank (EIB) has approved 450 million euros (US$572 million) in financing for development by Spanish utility Iberdrola of 31 wind farms and two small hydro plants.

EIB Vice President Carlos Da Silva Costa and Iberdrola Chairman Ignacio Galan signed the loan agreement October 27 in support of European Union (EU) emission reduction and renewable energy policies.

Iberdrola, a world leader in renewable energy development, is to bring the projects into service in 2006 and 2007 in the Spanish regions of Galicia, Andalusia, Castilla La Mancha, and Cantabria.

In support of key EU energy policies, EIB this year created a dedicated environmental financing facility, the Climate Change Financing Facility, which forms the basis for the Iberdrola agreement.

Previous articleGE to equip China’s 300-MW Su Jia He Kou
Next articleAlcoa to invest in Russia aluminum plant, eyes hydro

No posts to display