BAKU, Azerbaijan, January 16. The European
Investment Bank (EIB) has signed a €175 million green loan with
Iberdrola to support the construction and operation of two new wind
farms in northern Portugal, the bank said, Trend reports.


The facilities will have a combined capacity of 274 megawatts
(MW), enough to supply clean energy to around 400,000 people, and
will be integrated into Iberdrola’s Tâmega pumped storage
hydropower complex — also known as the “Tâmega gigabattery.” The
project marks Portugal’s first hybrid connection between wind and
pumped storage hydro and is among the country’s largest energy
initiatives.


The EIB loan is guaranteed by Spanish export credit agency
Cesce, marking the second EIB-backed green project with Iberdrola
supported by Cesce, following the Windanker offshore wind farm
under construction in Germany’s Baltic Sea.


Hybridisation for cleaner, more efficient
energy


The project, known as Tâmega Wind Hybridisation, has already
installed its first wind turbine. It will connect the two new wind
farms with three existing hydropower plants — Gouvães, Daivões and
Alto Tâmega — along the Tâmega River near Porto.







By sharing grid connection infrastructure, the hybrid system
optimises renewable energy integration, reduces environmental
impact, and reinforces the Tâmega System as a key anchor for
Portugal’s energy transition.


The project supports national and EU climate goals by boosting
clean energy in the grid, reducing carbon emissions, and cutting
dependence on fossil fuels. It aligns with the EIB Group’s
2024-2027 Strategic Roadmap, the Climate Bank Roadmap Phase 2
(2026-2030), and the REPowerEU initiative to strengthen European
energy security.


Located in Portugal’s Norte region, the investment also promotes
economic, social and territorial cohesion — a core EIB priority.
Nearly 50% of EIB financing in the EU goes to cohesion regions, and
almost 60% of its annual investments target climate action and
environmental sustainability.


The EIB, owned by EU member states, provides long-term financing
to projects supporting EU policy objectives, including climate
action, digitalisation, security, cohesion, agriculture, social
infrastructure, and sustainable economic growth.