EIB and Naturgy’s €1 B for Spanish renewables
The EIB and Spanish utility Naturgy have agreed a €1 billion ($1.05 billion) loan to support investments in solar energy and onshore wind power plants in Spain.
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Spain: The European Investment Bank (EIB) and Spanish utility Naturgy have agreed a €1 billion ($1.05 billion) loan to support investments in new solar energy and onshore wind power plants in Spain. A €400 million ($420 million) initial tranche will be used to modernise and convert existing sites into hybrid facilities and for investments in batteries for renewable energy storage. This could increase renewable energy generation capacity in Spain by 2.3 GW. The project might create 4200 jobs during the implementation phase.
EIB director general and head of EU Lending and Advisory Jean-Christophe Laloux, commented: “This important financing agreement with Naturgy reflects the EIB’s strong commitment to supporting Europe’s energy transition. When complete, this project should generate enough green electricity to power more than 1 million homes, contributing also to our energy security and strategic autonomy.”
Executive chairman of Naturgy Francisco Reynés added: “I would like to highlight the work done by Naturgy’s finance team led by Steven Fernández to reach this agreement. The implementation of these investments will also enable the creation of thousands of jobs in what is known as ‘empty Spain’, which will result in greater territorial cohesion in Spain”.
In 2023, the EIB Group allocated €4.513 billion ($4.8 billion) for energy security in Spain, financing projects in areas such as renewable energy, energy efficiency, power grids and storage systems.
Source: Power Engineering International
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