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    Reference: 20210147
    Release date: 30 July 2021

    Promoter – Financial Intermediary




    Financing of the Buniel Wind farm (100 MW), located in the Spanish province of Burgos (Castile-León).

    Additionality and Impact

    The project increases renewable energy generation capacity in Spain and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on climate action (transversal), and partially on economic and social cohesion (transversal).The project produces electricity from low carbon sources (onshore wind), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). As the schemes are expected to rely on revenues from the market (the wholesale market and/or unsubsidized commercial Power Purchase Agreements), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity and locational pricing), the project improves market efficiency and competition. The project is located in EIB Cohesion Priority regions.

    The project Quality and Results is rated Very Good. The project has an excellent economic return and the current electricity market prices are not fully reflecting the value of electricity. Besides, the promoter has a recognised in-house design and project management capacity with a significant track record of international energy projects.

    The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering is more favourable than market alternatives under various dimensions (e.g. longer tenor, availability and grace periods, convertible or revisable rates). The promoter deems financing with an "EIB Green Loan" label as a stamp of quality on its investments and environment-related procedures and consistent with its green finance framework.


    The aim is to contribute to the European Renewable Energy (RE) target for 2030 of 32% in final energy consumption that has been established in the Renewable Energy Directive recast or RED II (2018/200/EU). The European Commission has recently proposed as part of its REPowerEU plan to increase such target to a level of 45%. It will further support the Spanish RE target for 2030 of 42% (final energy consumption) as set out in its Integrated National Energy and Climate Plan (NECP). In addition, the project is located in cohesion regions. The financing of this project is in line with the Bank's priority energy lending related to renewable energy and climate action.


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

    Proposed EIB finance (Approximate amount)

    EUR 55 million

    Total cost (Approximate amount)

    EUR 101 million

    Environmental aspects

    This operation will benefit the environment by supporting RE projects that help mitigate climate change. The project, which has already obtained the required environmental permits, falls under Annex II of the Environmental Impact Assessment (EIA) Directive (2014/52/EU amending 2011/92/EU), where it is up to the competent authorities to determine that an EIA is required.


    The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions.


    Signed - 23/02/2023


    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).

    Related tags

    Spain Energy