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EIB signs €55 million green loan for Iberdrola and Caja Rural de Soria for wind farm in Spain

Christian Fernsby |
The European Investment Bank (EIB) has signed a €55 million green loan for a joint venture between Iberdrola (75%) and Caja Rural de Soria (25%) which will be used to build one of the largest wind farms in the Castilla y León region, in Spain.

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The Buniel wind farm in the province of Burgos will have a total installed capacity of around 100 megawatts (MW), enough to power around 69 700 households with clean energy. The renewable power produced will prevent 90 000 tonnes of CO2 emissions a year.

The total investment cost of the project is approximately €100 million. The facility will boost the economy in rural areas of Burgos, creating up to 200 jobs during the construction stage and around ten positions during operation.

As the project is located in Castilla y León, which is a designated EU cohesion region, it contributes to the EIB’s regional development objectives. The EIB prioritises projects in regions with a gross domestic product (GDP) per capita below the EU average.

This operation contributes to the energy policy priorities of the European Union and Spain. It supports the European Commission’s REPowerEU plan unveiled in May 2022, which aims to accelerate the green transition and end Europe’s dependence on Russian fossil fuel imports.

In Spain, the project will also help to achieve the country’s 42% renewable energy target for 2030 under the 2021-2030 integrated national energy and climate plan.


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