EIB earmarks € 33m for largest solar plants in Spain

12 / 12 / 2019

By Marwa Nassar - -

The European Investment Bank (EIB) allocated € 66 million for establishing the largest solar energy projects in Spain within the framework of helping the country attain its goal of depending on renewable energy resources by 42 percent by 2030.

The power plants will cut about 331,000 tons of greenhouse gas emissions and secure about 700 jobs.

During the Climate Change Conference in Madrid, the EIB signed two major agreements for promoting renewable energy in Spain. The EIB, which has expanded its climate action to become the EU climate bank, will provide € 66m to financing and investment bank Natixis to support the implementation of two photovoltaic solar energy projects in Spain.

Under the deals, the EIB will provide € 25m to Natixis to implement the first project which includes building 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 tons 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 project involves employing 400 people during the implementation phase and 50 on a permanent basis.

The plants are owned by Solaria Energía y Medio Ambiente S.A, which is also the developer, builder and operator. Solaria is a Spanish company specialized in the photovoltaic sector, and was among the successful bidders in the auction for new renewable electrical energy production facilities held in Spain in July 2017.

The second solar power project supported by the EIB will be in Alcalá de Guadaira, Seville, with the EU bank providing € 41m to Natixis to finance its construction. The project promoter is Spanish company Novasol Invest La Isla, which is located in Seville and was also a successful bidder in the 2017 renewable energy auction.

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 tons of CO₂. The project will also have a positive impact on jobs, as it will make it possible to employ 300 people in Andalusia during the implementation phase and 40 on a permanent basis to operate the plant.

At the signing ceremony during the COP25 Climate Change Conference at IFEMA in Madrid, EIB Vice-President Emma Navarro, who is responsible for the Bank’s climate action and its activities in Spain, 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 mobilizing up to EUR 1tn 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.”

Head of Natixis in Spain Jean Philippe Adam pointed out the important role of the financing in combating climate change, and Natixis’ active contribution to financing renewable assets across the globe. Natixis is the first financial company to actively manage the climate impact of its balance sheet, incorporating an unprecedented mechanism measuring the climate impact of each asset by applying a Green Weighting Factor.