European Investment Bank provides €175 million financing to Iberdrola for 274 MW Tâmega Norte and Tâmega Sur wind farms in Portugal

The European Investment Bank (BEI) has provided a €175 million loan to Iberdrola for the construction of the 274 MW Tâmega Norte and Tâmega Sur onshore wind farms in Braga and Vila Real, northern Portugal. The wind farms will use 7.2 MW turbines and connect to existing substations at the Tâmega hydroelectric pumped-storage complex via two dedicated 400 kV transmission lines of 8 km and 3 km. This hybrid integration with the 1,158 MW Tâmega hydro facility marks the first such connection between wind and hydroelectric assets in the project's design. The wind project is scheduled to enter commercial operation by the end of 2026 and will contribute to Iberdrola’s long-term power purchase agreement, details of which have not been disclosed. The financing is part of Iberdrola’s broader partnership with Norway’s sovereign wealth fund, managed by Norges Bank Investment Management.

Counterparts (2)

Lender

European Investment Bank

company

The European Investment Bank (EIB) is the lending arm of the European Union. It focuses on providing financing for projects that support EU policy objectives, including sustainable development, innovation, and infrastructure development.

borrower

Iberdrola

company · 3 deals

Iberdrola is a global energy leader, primarily focused on renewable energy development and operation. They invest in clean energy technologies, smart grids, and energy storage solutions to drive the energy transition.