View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
November 28, 2019

The European Investment Bank to finance Cavar wind complex in Spain

The European Investment Bank (EIB) has agreed to provide a financing of €50m for the construction of the Cavar wind complex in Navarra, Spain.

The European Investment Bank (EIB) has agreed to provide financing of €50m for the construction of the Cavar windfarm in Navarra, Spain. The windfarm will be built by Renovables de la Ribera, a 50/50 joint venture (JV) between the Spanish electric utility company Iberdrola and Caja Rural de Navarra.

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

Located between the municipalities of Cadreita and Valtierra, the Cavar complex will comprise four windfarms with a total capacity of 111 MW and will be operational in the first quarter of 2020.

EIB vice-president Emma Navarro said: “Spain has major renewable energy potential, and the EIB wants to help it to become a reference point in the sector by providing investments to promote the transition to a low-carbon economy while simultaneously fostering growth and employment.

“As part of its aim to establish itself as the EU climate bank, the EIB has reaffirmed its commitment to increasing its financing to support Europe in its plans to become the first carbon-neutral continent by 2050.”

Once operational, the complex will generate enough power that will be sufficient to meet the electricity needs of 46,500 people, while offsetting 84,000 tonnes of carbon emissions into the atmosphere annually.

Around 40MW of energy generated by the windfarm will be supplied to Nike in Europe under a power purchase agreement (PPA).

During the construction phase, the project is expected to create 200 employment opportunities in the region. By providing finance to the project, EIB has further strengthened its efforts to promote clean energy production in Spain.

The EIB is supporting the project through a Green Loan. Additionally, the financing will support European Commission’s proposed goal of generating 32% of the energy used in the EU from renewable sources by 2030.

Related Companies

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology