Spanish renewable energy developer, has secured $1.8 billion in framework financing from the European Investment Bank to support the construction of 20 photovoltaic power plants in Spain, Italy and Portugal. The framework agreement includes a long-term project financing structure, which includes a number of loans provided by financial institutions. The first loan agreed under
the framework has already been signed: EUR 278 million for the construction of a solar power plant with a capacity of 1.8 G W. With a total capacity of 5.6G W, the solar plants will generate 9.29 TWh of clean energy per year and are expected to start operating by the end of 2028.
The EIB is backing projects under its InvestEU programme, which aims to invest € 372bn between 2021 and 2027. It will support the European Union's goal under the European Green Deal to provide electricity to 2.5 million homes and reduce greenhouse gas emissions by 3 million tons per year. More than one third of the installed capacity of 5.6G
W will be located in less developed regions, with a GDP per capita of less than 75% compared to the EU average. The solar plant will also support local employment, creating 11000 jobs per year during the construction phase. Ricardo Mourinho Felix, Vice President of the
European Investment Bank, said that the project covers three markets in the European Union and proves the firm commitment of the European Investment Bank to clean energy. We want to help ensure Europe's guaranteed security of energy supply and access to sustainable energy.
As the EU Climate Bank, we are pleased to be working with Solaria again. The initiative will contribute to the EU's energy transition, while promoting economic and employment growth in underdeveloped regions of Spain, Portugal and Italy, which have huge renewable energy potential. Enrique D'Díaz-Tejeiro, President
of Solaria Energ Energía y Medio Ambiente, said, We are very proud that the EIB has once again placed its trust in us as we sign the largest financing in our history. With this € 1.7 billion, we will build 5.6G W of solar PV capacity in Spain, Italy and Portugal to continue accelerating the energy transition. This financing means that we will have enough funds to meet our needs and achieve the road map target of 6.2GW by 2025.
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