The European Investment Bank (EIB) is providing €385 million in financing to wind energy company Alfanar to support its plans to construct 21 new wind farms in six autonomous regions in Spain.

According to the European Commission, the Juncker Plan’s European Fund for Strategic Investments guarantees the financing, allowing the EIB Group to invest in more and often higher risk operations.

The new wind farms will generate 1,491 GWh of energy per year, which is equivalent to the consumption of 360,000 homes.

Climate Action and Energy Commissioner Miguel Arias Cañete said the Commission “is proud to support this important renewable energy project in Spain, financed under the Juncker Plan.”

According to the Commissioner, Spain has the potential to become a leader in renewable energy, creating sustainable, long-term jobs. “The clean energy generated by these 21 new wind farms in six autonomous regions is equivalent to the energy consumption of 360,000 homes, which is a significant step in the right direction,” Cañete said.

As of July 2019, the Juncker Plan has mobilised €424 billion of additional investment, including €44.8 billion in Spain.