The European Investment Bank (EIB) has joined forces with a Spanish bank to finance projects aimed at climate change mitigation.

CaixaBank is launching its first €30 million (£26m) credit line for climate projects via the EIB’s dedicated climate action financing programme.

It has set a credit limit of €12.5 million (£11m) for SMEs and individuals and a maximum of €25 million (£22m) for mid-cap companies.

The two organisations have also signed an agreement worth €35 million (£31m) to finance the Goya wind energy project, supporting the construction of nine wind farms in Aragón with a total capacity of 303MW.

With EIB’s assistance, CaixaBank will be able to dedicate €65 million (£57m) to projects supporting the use of renewable energy, energy efficiency as well as the purchase of electric or hybrid vehicles.