Release date: 10 July 2006
Promoter – Financial Intermediary
Iberdrola Energías Renovables II SAULocation
Description
Renewable energy (mainly wind power) investment programme involving a package of medium to large scale wind farms geographically dispersed all over in Spain (Objective 1 regions); comprising the installation of up to 30 wind farms with a combined capacity of around 900 MWe to be implemented over the 2006-2007 period.
Objectives
The project will generate renewable energy for supply to the public grid, and will thereby partly replace fossil fuel-fired power generation. This is in line with national and EU policy objectives and contributes to avoiding the release of CO2 and other environmentally damaging emissions to the atmosphere. The project will also increase the promoter’s share of power generation from renewable energy sources and shall consolidate its position within the Spanish market.
Comments
Renewable Energy
Sector(s)
Proposed EIB finance (Approximate amount)
Up to 75% of project cost under the Climate Change Financing Facility (CCFF).
Total cost (Approximate amount)
Approximately up to EUR 970 million.
Environmental aspects
By virtue of their technical characteristics, the wind farms fall under Annex II of Directive 97/11/EC amended 2003/35/EC. Thus, they would be subject to an EIA based on a case-by-case decision or defined criteria set by the competent authorities. The details of the environmental procedures followed by the promoter (if applicable), the results of EIAs and public consultation, and mitigating measures to be applied will be reviewed during appraisal. This will include the potential effect on nature conservation sites. The Bank’s finance contract will require the promoter to comply with all relevant EU legislation in the field of the environment.
Procurement
The promoter operates a qualification system according to the Utilities Directive (93/38/EEC) for all of its procurement needs. Contracts for implementation of the wind farms will be tendered in accordance with the relevant EU procurement legislation, with publication of tender notices in the EU Official Journal (if appropriate) via a common, electronic register system used by most of the Iberian companies acting in the utilities sector.
Status
Signed - 27/10/2006
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).