The funding comprises €65 million ($79.2 million) from the European Investment Bank (EIB) and an additional €47 million ($57.3 million) from Banco BPI.
The two wind farms will have a total nominal capacity of 125MW and will be constructed in the districts of Coimbra and Guarda.
Tocha II will have a capacity of 33MW in the municipality of Cantanhede, district of Coimbra.
Sincelo wind farm will have a capacity of 92MW in the municipalities of Pinhel and Guarda, district of Guarda.
The two wind farms will contribute to Portugal meeting its Energy and Climate Plan targets, which foresee 47% of renewable sources in gross final energy consumption by 2030, as well as the European Commission’s binding target of having at least 32% of final energy consumption coming from renewable sources by 2030.
EIB vice-president Ricardo Mourinho Félix, responsible for the Bank’s operations in Portugal, said: “This flagship project strengthens our partnership with EDP Renováveis and reinforces the Bank’s commitment to promoting climate action, economic development and cohesion.
“Supporting Portugal’s decarbonisation targets, while boosting growth and job creation, is one of the EIB’s main priorities. If we want the post-COVID economic recovery to be green and inclusive, it is key to foster the supply of renewable energy and its broad-based utilisation by productive sector and by our citizens.”
Commissioner for the Economy, Paolo Gentiloni, said: “This agreement between the EIB and EDP Renováveis, supported by the Investment Plan for Europe, is a winner for both the climate and the economy.
“The financing, backed by the European Fund for Strategic Investments, will fund new onshore wind farms in the west and north of Portugal, helping the country to reach its ambitious energy and climate plan targets and creating new jobs in the process.”