July 30 (Renewables Now) - Saudi Arabia’s Alfanar has secured a loan from the European Investment Bank (EIB) to build the 547-MW Lanuza onshore wind project in Spain.
The developer has been granted EUR 44.2 million (USD 49.3m) for the project estimated to cost EUR 643 million, according to information published by the EU lender.
The Lanuza project consists of 21 wind farms with capacities ranging from 8 MW to 50 MW. The plan is to install 163 wind turbines in the Spanish regions of Andalusia, Asturias, Castile-La Mancha, Castile and Leon, Galicia and Navarre.
Alfanar secured the individual projects in Spain’s third renewable energy auction in 2017.
(EUR 1.0 = USD 1.11)