Endesa Raises €300mn For 789 MW Spanish RE Plants

Spanish Electricity Utility Endesa Secures €300 Million From State-Owned Bank Instituto de Crédito Oficial To Construct & Commission 789 MW Wind/Solar Capacity In 2019
02:05 PM (Beijing Time) - 15. May 2019
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Spanish utility Endesa has not specified individual solar and wind power capacities out of 789 MW capacity it will construct with ICO financing, but says the construction and commissioning will take place in 2019. Pictured are rooftop solar panels installed by Endesa at La Graciosa island in Spain. (Photo Credit: Endesa S.A.)

Key Takeaways

  • Instituto de Crédito Oficial of Spain has approved €300 million ($336 million) as its first green loan for Endesa’s renewable energy plants
  • Endesa will use the proceeds to construct and commission 789 MW wind and solar power plants in the country in 2019
  • These projects will be stationed in in Aragón, Castilla la Mancha, Extremadura, Galicia, Murcia and Castilla y León regions

Spanish electric utility Endesa, which has Italy’s Enel as a shareholder, has secured €300 million ($336 million) to construct and commission its wind and solar power farms with 789 MW cumulative capacity in 2019. This financing facility has come as the first ever green loan from the Instituto de Crédito Oficial (ICO), a state-owned bank attached to the Ministry of Economy and Business.

With these proceeds, Endesa will construct wind and solar power plants in Aragón, Castilla la Mancha, Extremadura, Galicia, Murcia and Castilla y León regions. It did not specify the individual capacities of the plants. In December 2018, it raised €335 million ($381 million) from the European Investment Bank for 446 MW wind and 339 MW solar power capacity as Green Loan (see EIB Loan For Endesa’s 18 RE Projects).

Endesa won 540 MW of wind and 339 MW of solar power capacity under competitive auctions held in May and July 2017 in Spain on which it expects investment worth €800 million ($897 million) (see PV Wins Close To 4 GW In Spanish Auctions).

By 2021, the company plans to invest over €1.8 billion ($2.02 billion) to develop around 2 GW new renewable energy capacity and achieve complete decarbonization by 2050. Currently, out of its 6,526 MW renewable capacity, 4.71 GW comes from hydro power with other renewables adding up another 1,818 MW.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani