The European Investment Bank (EIB) has approved a loan totalling €50 million (£43m) for a new wind energy complex in Navarra, Spain.

Renovables de la Ribera, a 50:50 joint venture between Iberdrola and Caja Rural de Navarra, will use the grant to build the Cavar wind complex that will include four wind farms and have a total capacity of 111MW.

They will generate enough electricity to meet the needs of 46,500 people and help reduce 84,000 tonnes of CO2 a year.

The renewable energy project is expected to create up to 200 new jobs during the construction phase and scheduled for operation in the first quarter of 2020.

It will support the EU’s goal of generating 32% of energy from renewable sources by 2030.

EIB Vice President Emma Navarro, who is responsible for climate action at the Bank, said: “Spain has major renewable energy potential and the EIB wants to help it to become a reference point in the sector by providing investments to promote the transition to a low carbon economy while simultaneously fostering growth and employment. Promoting clean energy generation is one of our key priorities.

“As part of its aim to establish itself as the EU climate bank, the EIB has reaffirmed its commitment to increasing its financing to support Europe in its plans to become the first carbon neutral continent by 2050.”