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 environmentally ­ friendly 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.