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EU bank backs 200MW Spanish solar

29 June 2020 | Mitigation

 

The European Investment Bank (EIB) is providing over €43m in finance for the 200MW Cabrera solar farm in Spain.

EIB said the €43.5m investment, which is backed by the European Fund for Strategic Investments (EFSI), will contribute to Spain’s green recovery and will create around 350 jobs during the implementation phase.

Cabrera is split into four 50MW projects in Alcala de Guadaira, Seville.

EIB said it will contribute to the 'crowding-in' of other investors and private lenders, while EFSI will provide the long-term non-recourse debt financing, crucial to ensuring the viability of the project.

EIB vice-president Emma Navarro said: “As the EU climate bank, we are committed to investing in green recovery in Europe, building sustainable infrastructure while spurring the creation of green jobs.

“Spain is a market with huge potential for renewable energy and the EU bank is proud to support the investments needed to meet the country’s renewable energy targets.

“Despite the economic challenges caused by Covid-19, we should not forget that climate change still represents one of the biggest threats to our future.”

European Commissioner for the Economy Paolo Gentiloni said: “With the EU’s financial support, almost 145,000 Spanish households stand to benefit from clean energy, drastically reducing the CO2 emissions of the Andalusia region.

“The project will also provide the construction and engineering sector with 350 jobs in the short term. With every investment of this kind, we take another step closer to our goal of making the European Union climate neutral by 2050.”

 

Source: Renews