The European Investment Bank (EIB) will lend up to €385m to build 21 wind farms in Spain, one of the biggest renewable power projects the country has seen.
Six autonomous regions will get the wind farms: Andalusia, Asturias, Castilla-La Mancha, Castilla LeÃ³n, Galicia and Navarra.
When complete, the facilities will have a total capacity of 547MW, generating 1.49GWh of energy per year, able to power 360,000 Spanish homes.
Saudi Arabia’s Alfanar Group will develop the projects, having won Spain’s third renewable energy auction.
The loan was signed under the Investment Plan for Europe. The EIB said the scheme will receive no public-sector funding support.
Emma Navarro, EIB vice-president, said: "We are delighted to support Spain’s huge renewable energy potential and help the country to meet its climate change targets.
"This project is a clear example of the EIB’s priorities in Spain: promoting the transition to a low-carbon economy by supporting sustainable economic growth and job creation."
In all, the project will "help create" 1,900 jobs during the implementation phase and 170 permanent positions, the EIB said.
Emmanuel Ozaez, Alfanar global development general manager, said: "Over the next few years, Spain is set to be a European leader in the energy transition to a technology mix where renewable power generation is the central pillar of the energy industry."
Image: A wind farm in Galicia, Spain (Alfotokunst/Dreamstime)