Greenalia Group subsidiary has received a loan of €50m from the European Investment Bank (EIB) for the development of a new biomass-fired power plant in Spain.

Located in the municipalities of Curtis and Teixeiro in La Coruña, the plant will generate power using nearly 500,000 tonnes of forest biomass a year.

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In using this method, the plant not only helps in forest maintenance but also prevents fire. Additionally, the biomass used by the Curtis-Teixeiro plant will be certified by Forest Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification.

"The Curtis-Teixeiro plant not only increases renewable energy generation capacity but will also help Spain in meeting carbon reduction targets set in the National Renewable Energy Action Plan."

Upon completion, the power plant will be capable of generating approximately 324GWh (50MW) of electricity annually, using forest waste that is sourced within a 100km radius of the facility.

It will be the first biomass plant financed by the EIB under the European Investment Plan (Juncker Plan).

In addition to the EIB financing, the project will receive another €50m loan from various financial institutions through a project finance arrangement for the construction and operation of the new facility.

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Currently, 400 people have been employed by the company for the construction of the plant. In addition, once commercial operations begin, around 35 people will be hired on a permanent basis. The project is expected to create 100 additional indirect jobs in the waste supply chain.

Slated to open in 2020, the Curtis-Teixeiro plant not only increases renewable energy generation capacity but will also help Spain in meeting carbon reduction targets set in the National Renewable Energy Action Plan (PANER) 2011-2020.

Last year, EIB is said to have provided €870m to finance projects in Spain.