Iberdrola España and EVE are expanding the Labraza wind farm with €29 million in green financing from the EIB

The facility, located in Álava, will be the first to come on stream in the Basque Country since 2006
It will produce around 100,000 megawatt-hours of locally sourced, competitive and clean energy per year, enough to supply 75,000 people
The complex, with a capacity of 40 megawatts, will represent a total investment of €59 million and its construction will create around 100 jobs
The EIB's financing will enable Iberdrola España and the EVE to advance electrification and strengthen energy security in the Basque Country

Onshore wind energy

Wind turbines in a wind farm at sunset over a mountainous landscape.

Labraza wind farm

Iberdrola España and the Basque Energy Agency (EVE) have given further impetus to the Labraza wind farm by signing a €29 million green loan with the European Investment Bank (EIB). The funding will accelerate the development of key infrastructure for electrification, which strengthens the Basque Country's energy autonomy and security whilst also boosting industrial activity, job creation and the region's competitiveness.

The Labraza wind farm, located in the municipality of Oion in Álava, will be the first wind farm to come on stream in the Basque Country since 2006 and will involve an investment of €59 million, serving as a catalyst for the Basque wind energy sector and its supply chain.

The project, declared to be in the public interest by the Department of Territorial Balance and Spatial Planning of the Álava Provincial Council (Arabako Foru Aldundia), will have an installed capacity of 40 megawatts and will generate around 100,000 megawatt-hours of clean energy per year, enough to supply 75,000 people and prevent the emission of approximately 16,300 tonnes of CO₂ annually.

The development of this complex will create around 100 jobs, mainly local ones, during the construction phase, and will have a positive impact and bring benefits to the local authorities and businesses situated near the infrastructure.

The installation of the wind farm will provide municipal coffers with an initial income of around €1.2 million upon the start of works, as well as recurring revenue of around €230,000 per year in the form of taxes and levies.

In addition systems have been put in place to encourage public investment, such as "crowdlending", which allows members of the public to invest in the project, and Power Purchase Agreements (PPAs) with local businesses at competitive prices — an advantage that will benefit companies in the area.

Iberdrola España and EVE are expanding the Labraza wind farm with €29 million in green financing from the EIB

Iberdrola España and EVE are expanding the Labraza wind farm with €29 million in green financing from the EIB

The Labraza wind farm, jointly owned by Iberdrola España and the Basque Energy Agency, receives more than twice the amount sought in its local funding initiative

The Iberdrola Group signs a 10-year agreement with Gonvarri Industries to drive forward industrial electrification

With Iberdrola España as a partner, the Labraza wind farm is the first in the Basque Country to offer a crowdlending opportunity to the public with a return of up to 7% on investment

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