The EIB and Iberdrola activate a €175 million green loan guaranteed by Cesce for the wind power hybridization of Tâmega

 

El Banco Europeo de Inversiones (BEI), the Spanish energy company Iberdrola and the export credit agency Cesce They have formalized a green loan of 175 million euros to develop two wind farms in Tâmega, PortugalThis operation, framed within the plan REPowerEU, will consolidate one of the largest energy hybridization complexes on the Iberian Peninsula.

 

Financial and strategic structure of the agreement

 

The signed financial agreement represents a decisive boost for the energy infrastructure of northern Spain. PortugalThe green loan granted by the BEI a Iberdrola It comes with a warranty of CesceThis initiative, specifically designed to support green projects led by Spanish companies abroad, marks the second time the three entities have undertaken such financing, following the previous offshore wind farm project. According to the official statement, this is the second such financing agreement between the three entities. Windanker in the Baltic Sea.

 

The funds will be used for the construction and operation of two new wind farms that will have a combined capacity of 274 MWThese facilities will not operate in isolation, but will be integrated into the pumped storage hydroelectric complex that the Spanish company owns in the region, technically known as the "Tâmega gigabattery".

 

Concept	Key Data
Financial entities	BEI (Lender) and Cesce (Guarantor)
Promotor	Iberdrola
Loan Amount	175 million euros (Green Loan)
Wind Power Capacity	274 MW (Two new parks)
Location	Northern Region, Portugal (River Tâmega)
Social impact	Supply for 400.000 people

 

Technical innovation: Hybridization and network efficiency

 

The most relevant technical aspect of the project lies in its hybrid nature. It will be the first development in Portugal that combines pumped storage with wind power generation. The new parks will be added to the three existing hydroelectric plants (Gouvães, Daivões y Alto Tâmega), located near Oporto.

 

The competitive advantage of this model lies in the infrastructure optimizationBy combining both technologies, wind and hydroelectric power share the same connection point to the electrical grid. This allows:

 

• Maximize the integration of renewable energy into the system.
• Reduce environmental impact by not requiring new independent evacuation lines.
• Strengthening energy security through more efficient management of natural resources.

 

The progress of the works is considered satisfactory, with the installation of the first wind turbine already completed.

 

Impact on European cohesion and institutional declarations

 

The project aligns with the Strategic Roadmap 2024-2027 of the Grupo BEI and contributes directly to the climate goals of the Unión Europea to reduce dependence on fossil fuels. Furthermore, by being located in a region of cohesion in Portugal, promotes territorial economic development.

 

Jean-Christophe Laloux, Director General of Lending and Advisory Operations within the EU of BEIHe highlighted that "By combining wind and hydroelectric power, the complex of Tâmega "It will increase clean energy production and optimize the use of existing infrastructure for the benefit of consumers.".

 

For its part, Beatriz Reguero, Director of State Account Area of CesceHe emphasized the organization's pride in supporting Spanish companies in the European energy transition, demonstrating how "Long-term partnerships can channel innovation and sustainable investment". Finally, José Sainz Armada, Director of Finance, Control and Corporate Development of IberdrolaHe stated that the operation confirms his ability to drive projects that "They improve energy security and competitiveness through electrification".

 

Key points and frequently asked questions about Tâmega Hybridization

 

What new technology does this project bring to Portugal?
It is the first project in the country to implement a hybrid connection between pumped hydro storage and wind power, allowing both technologies to share the same grid connection infrastructure.

What is Cesce's role in this financing?
Cesce grants a guarantee backed by the Spanish State to secure the green loan of BEIIts function is to mitigate risks and facilitate Spanish companies such as Iberdrola lead sustainable projects beyond their borders.

What will the final energy capacity of the complex be?
The two new wind farms will add 274 MW of power to the existing hydroelectric complex. Once operational, they will provide clean energy equivalent to the consumption of more than 400.000 people.