HomeWorld RegionsEuropeEIB to expand Spain's renewables capacity with seven new projects

EIB to expand Spain’s renewables capacity with seven new projects

Spanish renewable energy company Solaria is set to expand its portfolio of solar energy capacity using à¢â€š¬54à‚ million ($64.1 million) in funding from the European Investment Bank (EIB).

The funding will be provided in two tranches to enable Solaria to develop seven solar PV projects in Castilla y Leàƒ³n, Castilla-La Mancha and Extremadura. The projects will have a total capacity of 261.05 MWp and will generate approximately 477 GWh of energy a year overall, a volume equivalent to the power use of 121à‚ 300 Spanish homes.

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Solaria will build, operate and own the projects that are aimed at helping Spain to increase its renewable energy portfolio from 20% in 2020 to 42% in 2030 in line with the National Energy and Climate Plan. The projects will enable consumer access to affordable energy, help accelerate the fight against climate change and ensure job creation and green recovery. In addition, Solaria will use the projects to expand its business and revenue streams. The company currently has more than 800 MWp of installed capacity operating across Spain, Europe, and South America.

In addition to the à¢â€š¬51.7 million, the EIB will also be providing Solara with up to à¢â€š¬14 million ($16.6 million) for the project through a bank-intermediated tranche, which is expected to be signed at a later date. The remaining project finance amount was signed by Natixis, which will also act as an interest rate swap provider for all senior debt.

EIB Vice-President Ricardo Mourinho Fàƒ©lix said: “As the EU climate bank, we are delighted to be promoting the development of infrastructure for renewable energy generation to help contribute to sustainable economic growth and the creation of high-quality employment in Spain. This operation once again demonstrates the EIB’s strong commitment to clean technologies as a key element for achieving Europe’s goal of reaching climate neutrality by 2050.”