Green financing for 500 MW PV solar plant in Spain
The European Investment Bank (EIB) and the Official Credit Institute (ICO) in Spain will finance the development of 500 MW Nuñez de Balboa photovoltaic solar plant, which Iberdrola is currently building in Extremadura, Spain. The facility occupies an area of close to 1,000 hectares and is considered the largest photovoltaic plant under construction in Europe.
The solar plant will be able to supply clean energy to 250,000 people, an amount greater than the population of the cities of Cáceres and Badajoz, and will avoid the emission into the atmosphere of 215,000 tons of CO 2 per year.
This green financing agreement has been signed in Madrid by the vice president of the EIB, Emma Navarro, the president of the ICO, José Carlos García de Quevedo, and the president of Iberdrola, Ignacio Galán. The EIB will provide 145 million euros and the ICO will contribute up to 140 million euros for this new renewable energy project of the company, whose total investment will reach 290 million euros.
Núñez de Balboa is located between the municipalities of Usagre, Hinojosa del Valle and Bienvenida. Its commissioning is planned for 2020 and in the construction phase it will employ more than 1,000 people. The project also includes the development of all the necessary infrastructure to bring the energy produced to the electricity distribution network.
The EIB is the long-term financing institution of the European Union whose shareholders are its Member States. The EIB provides long-term financing to viable investment projects in order to contribute to the achievement of EU policy objectives.
The Official Credit Institute (ICO) is a public business entity attached to the Ministry of Economy and Business of the Spanish Government. The ICO has become a benchmark in the financing of both SMEs and large investment projects.
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