The European Investment Bank (EIB) has signed a €50 million green loan with Matrix Renewables to fund the development of five new solar photovoltaic (PV) plants in Spain. The plants, located in Castilla y León and Extremadura, will have a combined installed capacity of 240 MW.

This financing is part of the EIB's commitment to supporting €1 trillion in green investments by 2030 and aligns with the EU's REPowerEU plan to enhance energy security and reduce reliance on fossil fuels. The project also receives backing from the EU's InvestEU programme, which aims to mobilize substantial public and private sector funds for EU policy goals.

Alessandro Izzo, EIB Director of Equity, Growth Capital and Project Finance, emphasized that the loan will accelerate Spain's energy transition by boosting renewable energy capacity and supporting independent power producers.

The new solar plants will be situated in regions with below-average EU per capita income, highlighting the EIB's focus on economic growth and regional convergence. They are expected to be operational by the end of 2025.

Nicolás Navas, CFO of Matrix Renewables, expressed enthusiasm about the project's role in advancing both Spain's and Europe's energy transition goals. The plants are expected to provide clean energy to thousands of homes and businesses.

In 2023, the EIB provided over €21 billion for energy security projects in Europe, with €4.5 billion allocated to Spain. The EIB's support for REPowerEU aims to mobilize over €150 billion in investment by 2027, focusing on net-zero carbon technologies and critical raw materials.

Source: matrixrenewables.com