December 13 2019 –
The European Investment Bank (EIB) will finance the construction of three new windfarms in Portugal. The announcement was made at the 25th Annual Conference of Parties to the United Nations Framework Convention on Climate Change (COP 25). The windfarms will contribute to the Portuguese government’s Renewable Energy Action Plan of producing 80% of its electricity from renewable energy sources by 2030.
EIB vice president Emma Navarro said: “The financing of this project contributes to the EIB’s renewable energy and climate action lending priorities. The project will generate electricity from renewable energy sources, supporting both EU and Portuguese decarbonisation targets.
“Portugal has major renewable energy potential, and the EIB wants to help it become a reference point in the sector by providing funding that promotes the transition to a low-carbon economy while simultaneously fostering growth and employment. Boosting clean energy generation is one of our key priorities. As part of its strategy to position itself as the EU climate bank, the EIB has reaffirmed its commitment to increasing its financing to support Europe´s climate ambitions.”
– Power Technology
[Original title: European Investment Bank funds two windfarms in Portugal