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The European Investment Bank (EIB) and Matrix Renewables have signed a €50 million green loan agreement to facilitate the design, construction, and operation of five solar photovoltaic plants in Spain. These plants, with a combined installed capacity of 240 MW, will be located in the regions of Castilla y Leon and Extremadura. Matrix Renewables, an Independent Power Producer (IPP) backed by TPG Rise, is spearheading the project.
This financing operation underscores the EIB’s commitment to climate action and sustainability, aligning with its objective to support €1 trillion in green investments by 2030. EIB Director of Equity, Growth Capital, and Project Finance Alessandro Izzo commented, “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. The project is part of the EIB’s contribution to a more sustainable and independent energy model for Europe.”
The new photovoltaic plants are strategically located in cohesion regions, which have lower per capita income than the EU average, reflecting the EIB’s dedication to fostering economic growth and regional convergence. The plants are expected to be fully operational by the end of 2025.
The project supports the decarbonization objectives of the European Green Deal and aligns with the EIB’s action plan to support REPowerEU, the EU initiative aimed at ending dependence on fossil fuel imports by boosting energy efficiency and renewable production.
Nicolás Navas, CFO of Matrix Renewables, expressed enthusiasm about the partnership, stating, “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. This project highlights Matrix’s commitment to innovation and sustainability. The development of these new solar plants will provide clean energy to thousands of homes and businesses, reinforcing our dedication to creating a greener future.”
Supported by InvestEU, the EU’s flagship program, this project is set to mobilize more than €372 billion in additional investment from public and private sector funds to support EU policy goals from 2021 to 2027.
In 2023, the EIB Group allocated over €21 billion to enhance energy security in Europe, with €4.5 billion directed towards projects in Spain, including renewable energy, energy efficiency, power grids, and storage systems. These investments are pivotal in accelerating Europe’s transition to sustainable energy and reducing reliance on fossil fuel imports.
The EIB Board of Directors increased the budget for REPowerEU projects to €45 billion in July 2023. This plan aims to end Europe’s fossil fuel dependency, with additional financing expected to mobilize more than €150 billion in investment across target sectors by 2027, including leading strategic technologies with net-zero carbon emissions and the extraction, processing, and recycling of critical raw materials. |
