EIB Loan For Endesa’s 18 RE Projects

European Investment Bank Shells Out Its First Green Loan To Spain’s Endesa To Develop 446 MW Wind & 339 MW Solar PV Capacity
06:45 AM (Beijing Time) - 27. December 2018
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With a €335 million ($381 million) loan to Endesa, the European Investment Bank (EIB) said it is for the first time the bank has described its financial support to clean energy projects under its 'Green Loans' program. The loan agreement was signed between Endesa CEO José Damián Bogas Gálvez (left) and EIB Vice-President Emma Navarro. (Photo Credit: EIB)

Key Takeaways

  • The EIB has awarded €335 million ($381.48 million) to Endesa of Spain to help develop 18 renewable energy projects in the country
  • This will involve 15 wind power plants of 446 MW total capacity and 3 solar power plants with 339 MW aggregate capacity
  • Endesa will deploy all this wind and solar power capacity in the six autonomous communities of Aragón, Castilla-La Mancha, Castilla-León, Extremadura, Galicia and Murcia

Spanish electric utility Endesa has become the first recipient of the European Investment Bank’s (EIB) Green Loan. It received €335 million ($381 million) to develop 15 renewable energy facilities in the Southern European country. With this grant, Endesa will construct 15 wind farms with 446 MW aggregate capacity and 3 solar power plants of 339 MW.

Endesa will deploy all this wind and solar power capacity in the six autonomous communities of Aragón, Castilla-La Mancha, Castilla-León, Extremadura, Galicia and Murcia. It aims to create 1,700 jobs.

Enel Green Power Espana (EGPE), a subsidiary of Endesa with Italy’s Enel as majority shareholder, started construction on 127 MW PV capacity in October 2018, which it said is part of 339 MW won by the company in July 2017 renewable energy auction (see 127 MW PV Enters Construction In Spain).

“Although the EIB has financed a number of projects of this kind in its long history of combating climate change, this is the first time it has described a loan in this way, thereby helping promoters such as Endesa to develop their decarbonisation strategy,” according to the EIB.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani