EIB approves €575 million loan to support Repsol renewable energy projects in Spain.
The European Investment Bank (EIB) has granted a €575 million loan to support Repsol’s rollout of wind and solar PV plants in Spain with a total capacity of 1.1 GW. The renewable energy facilities will be operational before the end of 2025.
The projects developed will generate electricity equivalent to the annual average consumption of around 645,000 Spanish households and will help reduce annual greenhouse gas emissions by the equivalent of over 800,000 tons of CO2 per year. Over 35% of the installed capacity will be in cohesion regions, where per-capita-income is less than 75% of the EU average, underlining EIB’s commitment to economic and social cohesion.
The €400 million financing signed, the first tranche of an approved EIB loan of €575 million, will contribute to accelerating the energy transition, strengthen the security of power supply, and boost climate action and social and economic cohesion. The loan is part of the EIB’s dedicated contribution to REPowerEU, and will support energy security by lowering EU dependency from fossil fuel imports.
Ricardo Mourinho Félix, EIB Vice-President during the signing event held in Madrid.
With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity and supporting Repsol’s decarbonization strategy.
“This is a critical moment accentuated by the impact of Russia’s unjustified aggression against Ukraine. Guaranteeing access to sustainable energy for all Europeans is essential for the strategic autonomy of the EU. Public-private partnerships and the firm commitment of companies to decarbonization are more necessary today than ever”.
Josu Jon Imaz, Repsol CEO said:
This new financing supports the company’s roadmap set out in the 2021-2025 Strategic Plan, aiming to reach 6,000 MW of installed capacity by 2025 and 20,000 MW by 2030.
“The EIB’s support endorses our goal of zero net emissions by 2050 and is further proof that we are moving in the right direction.”
Highlights:
- The financing signed today amounts to €400 million and is the first tranche of the total approved loan, which will support the rollout of wind and solar power plants with a total capacity of 1.1 GW.
- This operation contributes to the REPowerEU objective of increasing security of energy supply by reducing EU dependency on imports of fossil fuels.
- The agreement also supports Repsol’s objective of reaching 20 GW of installed renewables capacity in 2030 and zero net emissions by 2050.
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EIB approves €575 million loan to support Repsol’s renewable energy projects in Spain, July 25, 2023