Iberdrola Espa\u00f1a and the Basque Energy Agency secured \u20ac29 million ($33 million) in EIB green financing for the 40 MW Labraza wind farm.<\/p>\n
The \u20ac59 million project will generate nearly 100,000 MWh annually and avoid about 16,300 tonnes of CO\u2082 emissions each year.<\/p>\n
Labraza will be the Basque Country\u2019s first new operational wind farm since 2006, with local investment, PPAs and municipal revenues built into the project.<\/p>\n
Iberdrola Espa\u00f1a and the Basque Energy Agency have secured \u20ac29 million in green financing from the European Investment Bank for the Labraza wind farm in \u00c1lava.<\/p>\n
The financing supports one of the Basque Country\u2019s most closely watched renewable energy projects. Labraza will be the region\u2019s first wind farm to enter operation since 2006.<\/p>\n
Located in the municipality of Oion, the project will have 40 MW of installed capacity. Total investment is expected to reach \u20ac59 million.<\/p>\n
Once operational, the wind farm will generate nearly 100,000 MWh of renewable electricity each year. That is enough to supply around 75,000 people.<\/p>\n
The project is also expected to avoid approximately 16,300 tonnes of CO\u2082 emissions annually.<\/p>\n
EIB financing supports regional energy security<\/p>\n
The \u20ac29 million green loan gives Iberdrola Espa\u00f1a and the Basque Energy Agency, known as EVE, additional capital to advance construction.<\/p>\n
The financing also aligns with wider regional efforts to increase renewable generation and electrification. Basque policymakers are seeking to strengthen energy security while supporting domestic industrial capacity.<\/p>\n
Labraza has already been declared a project of public interest by the Department of Territorial Balance and Spatial Planning of the Provincial Council of \u00c1lava.<\/p>\n
For the EIB, the financing extends its role in backing infrastructure that can reduce dependence on fossil fuels and strengthen European energy resilience.<\/p>\n
The project also carries industrial relevance. Spain has an established wind manufacturing and engineering base, while the Basque Country has deep links to the sector through equipment suppliers and energy companies.<\/p>\n
A new development after two decades of limited wind construction could therefore provide demand across the regional supply chain.<\/p>\n
Local revenues and jobs form part of the model<\/p>\n
Construction is expected to create around 100 jobs, primarily for local workers.<\/p>\n
Nearby municipalities will also receive direct financial benefits. Local councils are expected to collect around \u20ac1.2 million when construction begins.<\/p>\n
After that, the project is projected to generate approximately \u20ac230,000 in recurring annual revenues through taxes and concession fees.<\/p>\n
Those payments strengthen the local economic case for renewable infrastructure, particularly as developers across Europe face greater scrutiny over land use and community participation.<\/p>\n