EIB & ICO To Back 500 MW Spanish PV Project

Iberdrola Secured €145 Million From EIB & Up To €140 Million From Spanish Government’s Official Credit Institute For 500 MW Núñez de Balboa Solar Project
06:06 AM (Beijing Time) - 18. July 2019
iberdrola 500mw eib

Iberdrola has secured financing commitments from the EIB and the ICO for the 500 MW Núñez de Balboa project. Pictured are representatives of the 3 entities. (Photo Credit: Iberdrola, SA)

Key Takeaways

  • Spanish company Iberdrola has secured financial commitments worth €285 million ($319 million) for its 500 MW under construction solar power plant in Spain
  • The EIB has pledged €145 million ($162.5 million) as green financing for the under construction plant, while the Official Credit Institute has approved up to €140 million ($157 million)
  • The money will go to new project company established by Iberdrola whose total investment will reach €290 million ($325 million)

The 500 MW Núñez de Balboa Solar Project in Spain’s Extremadura being built by Iberdrola has found financial support coming from the European Investment Bank (EIB) and the Official Credit Institute (ICO) under the Spanish Ministry of Economy and Business. Green financing worth €145 million ($162.5 million) has been approved by the EIB, while up to €140 million ($157 million) will come from the ICO.

The money will go to the new project company whose total investment will reach €290 million ($325 million). The 500 MW project will be spread across some 1,000 hectares of land and will be grid connected on completion in September 2020 when it is expected to generate 832 GWh of clean power annually (see Iberdrola Breaks Ground On 500 MW PV Project).

Located between the municipalities of Usagre, Hinojosa del Valle and Bienvenida, the 500 MW project is currently the ‘largest photovoltaic plant under construction in Europe’, according to Iberdrola.

Even before the Extremadura located plant has come online, Iberdrola is already planning solar projects with larger capacities. The Spanish Ministry of Ecological Transition is evaluating the company’s proposal for the 590 MW Francisco Pizarro PV project to be deployed in Cáceres. At the same time, media reports suggest it is planning 2 projects with 400 MW capacity each to be set up in Castilla-La Mancha (see Iberdrola Plans 800 MW PV Projects In Spain).

In December 2018, the EIB announced a first green loan to Spain’s Endesa for 446 MW of wind and 339 MW of solar PV capacity (see EIB Loan For Endesa’s 18 RE Projects).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani