Iberdrola and the European Investment Bank (EIB) have signed a $203 million (€175 million) green loan to support the construction and operation of two wind farms in northern Portugal. The facilities will have a combined capacity of 274 MW and will be integrated with the existing Tâmega pumped storage hydropower complex, supplying clean electricity to approximately 400,000 people.

The loan is guaranteed by Cesce, the Spanish export credit agency, marking the second EIB-backed operation with Iberdrola supported by Cesce for green projects outside Spain. The Tâmega project represents the first hybrid connection of wind and pumped storage hydropower in Portugal, allowing both technologies to share the same grid infrastructure. This hybridisation is expected to optimise renewable integration, reduce infrastructure needs, and minimise environmental impact.

The project contributes to European Union objectives under REPowerEU, supporting energy security, reduced fossil fuel dependence, and carbon emission reduction. Installation of the first wind turbine has been completed, and the project will connect the new wind farms with three existing hydropower plants in the Tâmega complex: Gouvães, Daivões, and Alto Tâmega.

Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations, said the project will increase clean energy production while maximising use of existing infrastructure for local and national benefits. Beatriz Reguero of Cesce and José Sainz Armada of Iberdrola highlighted the project’s role in promoting innovation, sustainable investment, and energy security in Portugal and Europe.

Source: iberdrola.com