€50m EIB loan helps finance 111MW wind farm in Spain

The European Investment Bank (EIB) has agreed to provide €50 million in financing to Renovables de la Ribera - a 50-50 joint venture between Iberdrola and Caja Rural de Navarra - to build a new renewable energy project in Navarra, Spain.

The Cavar wind complex, located between the municipalities of Cadreita and Valtierra, includes four wind farms and will have an installed capacity of 111MW. 

Cavar is the first wind project in Spain to sell its energy to a large corporation. A long-term bilateral contract will see it produce 40MW of clean energy for Nike in Europe. 

The project is expected to become operational in the first quarter of 2020.