This Monday, the European Investment Bank (EIB) approved financing of up to 1.7 billion euros for the construction of some 120 photovoltaic plants located in Spain, Italy and Portugal, in operation until the end of 2028.
The ‘green light’ was announced in a statement from the European Commission, as it is a project supported by community support, the note indicates that “the EIB approved framework financing of up to 1.7 billion euros for Solaria, intended to support the construction of around 120 photovoltaic plants, located mainly in Spain, in addition to Italy and Portugal.”
According to Brussels, the photovoltaic plants will have a total capacity of approximately 5.6 gigawatts and will produce around 9.29 terawatts per year. They should come into operation at the end of 2028.
“This operation will support the achievement of the EU’s political objectives within the framework of the European Green Deal and the [energético europeu] REPowerEU, supplying electricity equivalent to the average annual demand of approximately 2.5 million homes and reducing greenhouse gas emissions by around three million tons of carbon dioxide per year,” highlights the community executive.
Brussels adds that more than a third of the installed capacity will be located in less developed regions, with a GDP per capita less than 75% of the EU average.
According to EIB estimates, the construction phase of the plants will result in the creation of 11,100 jobs in the areas covered.
The project is supported by the InvestEU programme, which provides long-term financing by mobilizing public and private funds to support EU policy priorities.
Under the programme, the InvestEU Fund is implemented through financial partners who invest in projects using the guarantee of the EU budget and thus mobilizing at least €372 billion of additional investment.
Source: TSF
