The European Investment Bank (EIB) has signed a €50m loan with the support of the Investment Plan for Europe to finance nine wind farms in Aragón, Spain.

The nine wind farms will be built in the country by Spanish firm Forestalia Renovables (Forestalia) under the Goya project.

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The new wind farms will be built at the administrative districts of Campo de Belchite, Daroca, and Cariñena.

For these projects, Forestalia will be installing 89 wind turbines, which will have an aggregate power generation capacity of more than 900GWh per annum.

The Goya project is expected to create approximately 700 temporary jobs during the construction phase and 50 permanent jobs after the commissioning of the project.

“Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation.”

EU Climate Action and Energy commissioner Miguel Arias Cañete said: “The European Commission welcomes the financing of these nine wind farms in Aragón.

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“Europe will always endeavour to support projects that invest in the transition to clean energy and job creation. Investing in renewables means investing in quality jobs.

“Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation. These projects provide an example of this potential and they will certainly not be the last.”

The project is backed by stakeholders, including Natixis subsidiary Mirova, General Electric, Engie and Forestalia.

Established in 2011, Forestalia develops solar, wind and biomass energy projects and secured the Goya project through Spain’s first auction for new renewables-based power generation facilities in early 2016.

With a total of €120m provided by a syndicate of commercial banks, the EIB loan will be used for the construction and operation of nine wind plants that will have a total capacity of 300MW.