EIB Lends $54.6MM to Matrix Renewables for Five Solar Projects in Spain
The European Investment Bank (EIB) will provide a $54.6 million (EUR 50 million) loan to Matrix Renewables for five solar photovoltaic plants in Spain. The facilities with an installed capacity of 240 MW will rise in the regions of Castilla y Leon and Extremadura, EIB said in a media release.
As the EU’s climate bank, the EIB aims to support $1.09 trillion (EUE1 trillion) in green investment by 2030 and allocate at least half of its annual financing to climate action and sustainability.
“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 accelerate renewable generation investments”, said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. “The project is part of the EIB contribution to a more sustainable and independent energy model for Europe”.
The new photovoltaic plants are located in cohesion regions where the per capita income is lower than the EU average. Matrix Renewables, an IPP backed by TGP Rise, is expected to begin operating the new plants by the end of 2025.
EIB said the project supports the decarbonization objectives of the European Green Deal. It is also part of the EIB’s action plan to support REPowerEU, the EU plan designed to end dependence on fossil fuel imports by increasing energy efficiency and ramping up production from renewables.
“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”, Matrix Renewables CFO Nicolás Navas said.
EIB added that the project is supported by InvestEU, the EU flagship program to mobilize more than $406 billion (EUR 372 billion) of additional investment from public and private sector funds to support EU policy goals in the period 2021-2027.
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