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Wind in sails
IN a bid to accelerate the ecological transition in Europe and reduce the continent's dependence on fossil fuels, the European Investment Bank (EIB) signed a ‘green loan agreement’ for the development of one of the largest wind farms in Castilla y León.
The agreement, which was signed on Friday, March 3, will see two Spanish companies, Iberdrola and Caja Rural de Soria, receive a €55 million ‘green loan’ from the EIB for the joint venture.The wind farm, located in Buniel in the Burgos Province, will have the capacity to generate enough energy to run 69,700 households and could cut up to 90,000 tonnes of carbon dioxide emissions every year. The project aims not only to reduce the carbon footprint of the region but also to contribute to the REPowerEU Plan.
The ambitious plan also aims to end Europe’s dependence on Russian energy imports and to speed up the transition to environmentallyfriendly energy sources.
The EIB’s ‘green loan’ will help to finance the development of the wind farm, including the construction of wind turbines and other infrastructure.
The €1.1 billion overspending that had caused delays and disputes has now been divided between the two countries, with Spain shouldering 54 per cent of the costs and France paying 46 per cent.
The project aims to double the capacity of the existing electricity connection between the two countries, which will also reduce their dependence on the rest of Europe for energy supply.
The iconnection will consist of two separate electric links, each with a capacity of one gigawatt, and will cover a distance of 400 kilometres, 300 of which will be under the sea. Despite the challenges and increased costs, both countries recognise the benefits of the project, particularly in light of the ongoing transition to renewable energy. The connection is expected to be operational by 2027 or 2028.
The link will also allow France to reduce its reliance on its expensive nuclear power plants. This agreement will have a significant impact on the energy landscape of Spain and France, contributing to a greener, more sustainable future.
