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Galicia biomass project of 50 MW gets EUR 100m in loans

Galicia forest. Author: Jose Losada - FotografĂ­a.

July 30 (Renewables Now) - Spanish forestry and energy group Greenalia SA (BME:GRN) has received EUR 100 million (USD 116.6) in loans, half of which from the European Investment Bank (EIB), for a 50-MW biomass power plant project in Galicia.

The EIB said last week it has granted a loan of EUR 50 million, with a further EUR 50 million coming from various financial institutions under a project finance agreement for the construction and operation of the plant in the municipalities of Curtis and Teixeiro, La Coruña.

The biomass power plant is expected to go online in 2020. It will be using roughly 500,000 tonnes of FSC or PEFC-certified forest biomass annually to produce 324 GWh of power. Forest waste will be collected within a radius of 100 km. The EIB said the project “will therefore contribute to forest maintenance in the area and also to fire prevention, while encouraging the collection, for industrial use, of small wood waste that is normally discarded.”

The EIB loan is coming under the Investment Plan for Europe, known as the “Juncker Plan”.

The bank is also considering lending around EUR 385 million to Saudi Arabia’s Alfanar Company for 547 MW of wind projects in Spain.

(EUR 1 = USD 1.167)

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Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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