The EU climate bank contributes to the largest solar project in Andalusia
It will help Spain reach its renewable energy targets
- June 29, 2020 11:30
- Aseniya Dimitrova
The European Investment Bank (EIB) will be investing 43,5 million euros in the largest solar power project in the region of Andalusia, announced the bank on Friday. The financing is aimed to contribute to the green recovery of Spain through the instalment of photovoltaic solar power plants in Seville. The Cabrera Solar Project will provide clean energy to thousands and will also guarantee job opportunities for many.
Green energy comes to Spanish families
The project previews the construction of four 50MWp photovoltaic solar plants in Alcalá de Guadaira, Seville. According to estimates, the Cabrera Solar Project can potentially provide green energy to 145 000 people. What is more, it is expected to save the equivalent of 300 kt carbon emissions every year.
On a country-wide level, it will also help Spain meet its 20% target for renewable energy production which is to be reached by the end of the year, and to the European Commission’s objective to have at least 32% of Europe's total energy consumed come from renewable sources within 10 years’ time.
“As the EU climate bank, we are committed to investing in green recovery in Europe, building sustainable infrastructure while spurring the creation of green jobs. Spain is a market with huge potential for renewable energy and the EU bank is proud to support the investments needed to meet the country’s renewable energy targets,” explained EIB Vice-President Emma Navarro. “Despite the economic challenges caused by COVID-19, we should not forget that climate change still represents one of the biggest threats to our future”, she concluded.
The Cabrera Solar Project on the road to implementation
The project will be sponsored by Encavis AG and developed by Solarcentury. It ensured senior debt facilities for a total amount of 96 million euros from the EIB, Deutsche Bank and Rabobank, and reached financial closure in June 2020.
On top of the climate-related benefits, it will assure no less than 350 jobs in the short term, during the implementation phase in the transition region of Andalusia. The construction plan was at 85% completed in May 2020, meaning that the results of the preparatory work will soon be visible to all.
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