The Labraza wind farm receives a green loan of 29 million euros from the EIB

Iberdrola and the Ente Vasco de la Energía (EVE) have reinforced the boost to the Labraza wind farm with the obtaining of a green loan of 29 million euros granted by the European Investment Bank (EIB).

The funding will accelerate the development of a key infrastructure for electrification in the Basque Country, while boosting industrial activity, job creation and the competitiveness of the territory.

The Labraza wind farm, located in the municipality of Oion in Alava, will be the first wind farm to be launched in the Basque Country since 2006 and will involve an investment of 59 million euros, which will serve as a catalyst for the Basque wind sector and its supply chain.

The project, declared of public interest by the Department of Territorial Balance and Spatial Planning of the Provincial Council of Álava-Arabako Foru Aldundia, will have an installed capacity of 40 MW and will produce about 99,000 MWh of clean energy per year, enough to supply about 75,000 people and avoid the emission of approximately 16,300 tons of CO₂ per year.

The development of this complex involves the creation of up to 90 jobs, mainly local, during the construction phase, and goes beyond the positive impact and benefits for municipalities and companies that are close to the infrastructure.

In addition to municipal fees and taxes, systems have been implemented to incentivize citizen investment such as the so-called Crowdlending, which allows citizens to invest in the project with returns of 7%, and PPA energy contracts with local companies with competitive prices, an advantage that will serve for companies in the area.