November 27 (Renewables Now) - Spanish energy company Iberdrola SA (BME:IBE) said today the European Investment Bank (EIB) will provide a EUR-50-million (USD 55m) green loan to finance the 111-MW Cavar wind complex in Navarra, Spain.
Renovables de la Ribera, a 50/50 joint venture (JV) between Iberdrola and Caja Rural de Navarra, will receive the financing for the project.
Located in the municipalities of Cadreita and Valtierra, Cavar consists of four wind farms, which can produce enough to meet the electricity demand of 46,500 people. Operations are schedule to commence in the first quarter of 2020. The clean power produced by the turbine will offset 84,000 tonnes of carbon dioxide (CO2) per year.
The output from a 40-MW portion of the Cavar complex will be supplied to US sporting brand Nike (NYSE:NKE) under what is touted as the first power purchase agreement (PPA) between a wind farm and a large corporation in Spain, Iberdrola noted.
(EUR 1.0 = USD 1.101)