The European Investment Bank (EIB) and Matrix Renewables have finalized a €50 million green loan agreement.
This funding will be used to facilitate the design, construction, and operation of five solar photovoltaic plants, boasting a combined installed capacity of 240 MW.
These plants will be strategically located in the Castilla y Leon and Extremadura regions of Spain. Matrix Renewables, a global renewable energy platform, receives backing from TPG Rise.
EIB’s Commitment to Climate Action
This financing initiative solidifies the EIB’s position as the EU climate bank. The EIB aims to provide €1 trillion in green investment during the critical decade leading up to 2030.
It has pledged to allocate at least 50% of its annual financing to climate action and sustainability initiatives.
Accelerating Spain’s Energy Transition
Alessandro Izzo, EIB Director of Equity, Growth Capital, and Project Finance, emphasized the project’s significance.
He stated, “With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity. The project is also part of the EIB contribution to a more sustainable and independent energy model for Europe.”
Promoting Regional Development
The new photovoltaic plants will be situated in cohesion regions, characterized by per capita income below the EU average.
This strategic placement underscores the EIB’s dedication to fostering economic growth and convergence among regions. The plants are anticipated to be fully operational by the end of 2025.
Supporting Decarbonization and REPowerEU
This project aligns with the decarbonization objectives outlined in the European Green Deal. It also forms an integral part of the EIB’s action plan to support REPowerEU.
REPowerEU is the EU’s strategic plan to reduce reliance on fossil fuel imports by enhancing energy efficiency and boosting renewable energy production.
Matrix Renewables’ Dedication to a Greener Future
Nicolás Navas, CFO of Matrix Renewables, expressed enthusiasm about the partnership.
He stated, “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.”
InvestEU Support
This project receives support from InvestEU, the EU’s flagship program. InvestEU aims to mobilize over €372 billion in additional investment from public and private sector sources. This investment will support EU policy goals between 2021 and 2027.