EIB Grants €66 mn to Finance Construction of 9 Solar Projects Worth 436 MW

EIB Grants €66 mn to Finance Construction of 9 Solar Projects Worth 436 MW

EIB has signed two major agreements to provide EUR 66 million to Natixis to support the implementation of two solar energy projects in Spain.

EIB Solar Projects

The European Investment Bank (EIB) has made another investment decision at the ongoing Climate Change Conference (COP 25) in Madrid. The bank has signed two major agreements for promoting renewable energy in Spain and will provide EUR 66 million to financing and investment bank Natixis to support the implementation of two photovoltaic solar energy projects in Spain.

Both projects will help Spain reach its goal of ensuring that 42 percent of the energy it uses comes from renewable sources by 2030, as set out in the National Energy Plan.

Firstly, the EIB will provide EUR 25m to Natixis to build eight solar power plants with a capacity of 254 MW. It will generate 438 GWh of electricity a year from photovoltaic energy, avoiding the release of 204 000 tonnes of CO2 into the atmosphere. Three of these plants will be in the municipality of Tordesillas, in Valladolid. Three further plants will be built in Salamanca (two in Valdelosa and one in Palacios del Arzobispo), another in the municipality of Casatejada in Cáceres, and lastly one in Huesca, in the municipality of Poleñino. 

The plants are owned by Solaria Energía y Medio Ambiente S.A, which is also the developer, builder and operator.

The second solar power project supported by the EIB will be in Alcalá de Guadaira, Seville, with the EU bank providing EUR 41m to Natixis to finance its construction. The project promoter is a Spanish company Novasol Invest La Isla. This complex will have a total capacity of over 182 MW and will be capable of generating 341 GWh of electricity a year without producing polluting emissions of any kind while helping to prevent the release of 127 000 tonnes of CO2. 

EIB Vice President Emma Navarro, highlighted the positive impact of both projects on helping to achieve the EU’s climate targets, “ambitious goals to which the EIB will make a substantial contribution by mobilising up to EUR 1 trillion in financing to promote the transition to a new economic model. Spain is being asked to play a key role in the transition to a low-carbon economy. Projects like this demonstrate the direct positive impact of EIB activity on investments promoting clean energy in our country, while also helping to create jobs.”

"Want to be featured here or have news to share? Write to info[at]saurenergy.com

Ayush Verma

Ayush is a staff writer at saurenergy.com and writes on renewable energy with a special focus on solar and wind. Prior to this, as an engineering graduate trying to find his niche in the energy journalism segment, he worked as a correspondent for iamrenew.com.