The European Investment Bank has signed a green loan with Iberdrola to support the construction and operation of two wind farms in northern Portugal. The projects will have a combined installed capacity of 274 MW and will be integrated into Iberdrola’s existing Tâmega pumped storage hydropower complex.
The loan amounts to €175 million and is backed by a guarantee provided by Cesce, the Spanish export credit agency. Once operational, the two wind farms are expected to supply electricity equivalent to the consumption of more than 400,000 people.
The wind projects form part of the Tâmega Wind Hybridisation scheme, which links new wind generation with three existing hydropower plants at Gouvães, Daivões and Alto Tâmega. These facilities are located along the Tâmega River near Porto and are part of the pumped storage complex previously financed by the European Investment Bank.
The hybrid configuration allows wind and hydropower assets to share grid connection infrastructure. According to project information, installation of the first wind turbine has already been completed.
The project supports the European Investment Bank Group’s climate action and cohesion objectives, as well as the European Union’s REPowerEU plan to reduce reliance on fossil fuel imports.
