The European Investment Bank (EIB) is set to lend a €50m loan to Matrix Renewables to develop five solar photovoltaic plants in Spain.
These plants, located in Castilla y León and Extremadura, will have a combined installed capacity of 240MW.
The EIB, Europe’s climate bank, is committed to supporting €1tn in green investments by 2030. This will be a dedication of at least half of its annual climate and sustainability financing.
Alessandro Izzo, EIB Director of Equity, Growth Capital, and Project Finance, comments:
“With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity. We are also delighted to support Independent Power Producers (IPP) in their development and deployment efforts, fundamental to accelerating renewable generation investments.
“The project is part of the EIB contribution to a more sustainable and independent energy model for Europe.”
The EIB emphasised that this project aligns with the decarbonisation goals of the European Green Deal.
It is additionally part of the EIB’s efforts to support REPowerEU, an EU initiative aimed at reducing dependency on fossil fuel imports by enhancing energy efficiency and expanding renewable energy production.
The EIB also notes that the project benefits from support through InvestEU, the EU’s flagship program designed to mobilize over €372bn in additional investments from public and private sector funds between 2021 and 2027 to advance EU policy objectives.
Matrix Renewables CFO Nicolás Navas concludes: “We are thrilled to partner with the EIB in this significant project that not only advances our mission of sustainable energy development but also contributes to Spain’s and Europe’s broader energy transition goals.”
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