NORVENTO WIND PROJECT

Promoter – Financial Intermediary

NORVENTO ENERXIA SL

Location

• Spain

Description

The project consists of the financing of four wind farms with sizes ranging from nine to 37 MW - for a total installed capacity of 100.35 MW (29 wind turbines), in the province of Lugo in the region of Galicia. The plants were awarded to the promoter during the second renewable energy auction that was held in Spain in May 2017.

Objectives

The EIB financing for this operation is expected to have an important acceleration and demonstration effect. Indeed, it will be one of the first greenfield renewable energy projects to be financed in Spain after the moratorium in 2012 and the new regulatory framework - which came into effect in 2014. Besides, the present operation will contribute to the achievement of Spain 2020 targets for renewable energy and to the reduction of the CO2 emissions.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 40 million

Total cost (Approximate amount)

EUR 108 million

Environmental aspects

The project falls under the Annex II of the Environmental Impact Assessment (EIA) Directive (Directive 2014/52/EU amending the EIA Directive 2011/92/EU), and have been screened in by the competent authority, who confirmed that applicable EIA processes have been performed. The authorisation procedure has been completed for all wind farms and the relevant interconnection facilities.

Procurement

The Bank will require the promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation: Directive 2014/23/EU / 2014/24/EU or 2004/18/EC / 2014/25/EU or 2004/17/EC, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC, as interpreted by the Court of Justice of the EU, with the publication of tender notices in the Official Journal of the EU, as and where required.

Status

Signed - 14/12/2018