The European Investment Bank (EIB) has signed a €150m loan agreement with Beka Credit, the private debt fund management platform of Spain’s Beka Finance, to support renewable energy projects under the Pino Project.
This initiative aims to finance small solar PV and onshore wind projects across Spain.
The Pino Project involves a framework loan to Proyecto Pino, a specially created vehicle offering tailored loans for renewable energy projects. Individual investments will reach up to €5m, though most projects are expected to cost less than €1m.
Around 65-70 projects are anticipated, with 80% focusing on solar PV and 20% on onshore wind. Other technologies, like battery storage, may also be included.
The loan features innovative financing elements, such as tranche-based disbursements linked to subprojects and a bullet loan profile. It is structured without reliance on additional renewable energy support schemes, focusing on managing commercial risks instead.
“The EIB contribution will enable the Borrower to attract investors and combine EIB financing with the investors’ cost of capital to offer more competitive financing to the final beneficiaries,” said an EIB spokesperson.
This approach ensures projects exposed to electricity market prices can secure the necessary funding, with each subproject undergoing detailed due diligence to reassure third-party investors.
The EIB noted that the Pino Project’s success depended on support from InvestEU, which facilitated this large-scale renewable energy initiative.
This agreement reinforces the EIB’s commitment to advancing Spain’s energy transition through competitive financing for small-scale solar and wind projects.
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