The European Investment Bank (EIB) has signed two agreements to provide €66m ($73.2m) to a French corporate and investment bank Natixis to co-finance the construction of two solar photovoltaic projects in Spain.
EIB said that the two projects with a total capacity of 436MW are expected to support Spain to reach its goal of ensuring 42% of the energy used in the country comes from renewable sources by 2030, as set out in the National Energy Plan.
Initially, EIB will provide €25m ($27.7m) to Natixis for the construction of eight solar plants with a capacity of 254MW. The facilities are expected to generate 438GWh of electricity annually while avoiding 204 000 tonnes of CO2 emissions into the atmosphere.
Three of these solar plants will be built in the municipality of Tordesillas, in Valladolid while further three plants will be built in Salamanca, of which two will be constructed in Valdelosa and one in Palacios del Arzobispo.
Another solar plant will be built in the municipality of Casatejada in Cáceres, and the last plant will be in Huesca, in the municipality of Poleñino.
The project is expected to provide 400 jobs during the construction phase and 50 permanent jobs.
The solar plants are owned by Solaria Energía y Medio Ambiente S.A, which is also responsible for developing, building and operating the projects.
Furthermore, EIB will provide €41m ($45.4m) for the 182MW solar farm that will be constructed in Alcalá de Guadaira, Andalusia.
The solar farm will have the capacity to generate 341GWh of electricity annually while preventing 127 000 tonnes of CO2 emissions into the atmosphere.
Additionally, the project is expected to provide 300 jobs during the construction phase and 40 permanent jobs to operate the plant.
EIB vice-president Emma Navarro said: “Ambitious goals to which the EIB will make a substantial contribution by mobilising up to EUR 1tn in financing to promote the transition to a new economic model.”