EIB APPROVES EUR 1.7 BILLION FOR CONSTRUCTION OF 120 PHOTOVOLTAIC ENERGY PLANTS
The European Investment Bank (EIB) has approved a framework financing of up to EUR 1.7 billion for Solaria to support the construction of some 120 photovoltaic power plants located mainly in Spain, as well as in Italy and Portugal. The project is supported by the InvestEU program.
Solaria is a company domiciled in Spain, established in 2002, which specializes in the construction of photovoltaic power plants.
As reported by the Commission, the PV power plants will have a total capacity of approximately 5.6 GW and will produce approximately 9.29 TWh per year. The power plants are expected to be operational by the end of 2028.
This operation will support the achievement of EU policy objectives under the European Green Pact and the REPowerEU Plan by providing electricity equivalent to the average annual demand of approximately 2.5 million households and reducing greenhouse gas emissions by about 3 million tons of CO2one year.
More than one third of the installed capacity will be located in less developed regions. These are regions with a GDP per capita below 75% of the EU average. The project will significantly increase employment in the areas where the plants will be built, creating around 11,100 jobs per year during the construction phase , according to EIB estimates.
The operation has a long-term project financing structure that involves the signing of several loans, in which financial institutions may participate under the umbrella of the framework financing. The first loan under these conditions for a total amount of EUR 278 million for the construction of photovoltaic power plants with a total capacity of approximately 1.08 GW has been signed .
The Commissioner for Economic Affairs, Paolo Gentiloni , said that “this important agreement is a great demonstration of InvestEU’s ability to significantly support Europe’s transition to climate neutrality and energy independence. It will make available up to EUR 1.7 billion in financing for new photovoltaic power plants in Spain, Italy and Portugal. This is good news for both the climate and our economy: not only will it help supply millions of households with clean energy, but it will also create thousands of jobs in the construction phase in the relevant regions.”
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