The European Investment Bank (EIB) announced that it has signed a €50 million green loan agreement with Matrix Renewables to support the design, construction, and operation of five solar photovoltaic (PV) plants.
The plants planned to be supported using the funds have a capacity of 240 megawatts (MW) and are located in the regions of Castilla y Leon and Extremadrura in Spain, as per EIB’s announcement.
“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 in their development and deployment efforts, fundamental to accelerate renewable generation investments” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo.
He added, “The project is part of the EIB contribution to a more sustainable and independent energy model for Europe.”
The new photovoltaic plants aim to promote economic growth and convergence in regions with lower per capita incomes than the EU average.
It is anticipated that these new plants will become fully operational by the end of 2025.
This initiative supports decarbonization, aligning with the objectives of the European Green Deal. It is also part of the EIB’s plan to strengthen REPowerEU, an EU plan that aims to reduce reliance on fossil fuel imports through increased energy efficiency and expanded renewable energy production.