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Investment Plan for Europe backs construction and operation of new wind farms in Portugal

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The European Investment Bank (EIB) will provide €65 million to EDP Renováveis S.A. (EDPR) to finance the construction and operation of two onshore wind farms in the Portuguese districts of Coimbra and Guarda. The EIB contribution is backed by a guarantee provided by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The wind farms are expected to have a total capacity of 125 MW and create approximately 560 jobs during the project’s construction phase.

Once operational, the wind farms will contribute to Portugal meeting its energy and climate plan targets as well as the Commission’s binding target of having at least 32% of final energy consumption coming from renewable sources by 2030.

Economy Commissioner Paolo Gentiloni said: “This agreement between the EIB and EDP Renováveis, supported by the Investment Plan for Europe, is a winner for both the climate and the economy. The financing, backed by the European Fund for Strategic Investments, will fund new onshore wind farms in the west and north of Portugal, helping the country to reach its ambitious energy and climate plan targets and creating new jobs in the process.”

The Investment Plan for Europe has so far mobilized €535 billion of investment across the EU, of which 16% for energy-related projects. The press release is available here.

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