Working as the lending arm of the European Union and the world’s biggest provider of climate finance, the European Investment Bank has signed two crucial agreements focused on the promotion of renewable energy sources in the Russian territory. As part of the agreement, the bank will provide a monetary aid of EUR 66 million to Natixis, an investment banking entity. The funding will be utilized for facilitating the successful implementation of two photovoltaic solar energy projects in Spain.
The decision was taken during the Climate Change Conference (COP 25), which is currently taking place in the beautiful European city, Madrid.
According to the National Energy Plan framed by the Spanish government, the country will strive to its target of fulfilling 42% of its energy needs using renewable energy sources by 2030. The newly signed agreements will help the country in achieving its set goals.
In the first phase of the project, the EIB will hand over EUR 25m to Natixis. The funds will be focused on the building of eight solar plants having a capacity of 254 MW, thereby generating 438 GWh of electricity on a yearly basis. The use of photovoltaic energy will help in the elimination of release of CO2 levels amounting to 204 000 tonnes into the atmosphere.
Out of the total eight plants, three plants will be set up in the municipality of Tordesillas, in Valladolid, three will be built in Salamanca while the remaining two will be set up in the municipalities of Casatejada in Cáceres and Huesca in Poleñino respectively.
The plants will be owned by Solaria Energía y Medio Ambiente S.A, the firm which works as the developer, creator, and operator of the solar plants.
The other solar project supported by EIB will be set up in Alcalá de Guadaira with an investment of EUR 41m from the bank. A Spanish firm named Novasol Invest La Isla will work as the project promoter of the project. The project will boost the capacity of more than 182 MW and will help in the generation of 341 GWh of electricity on a yearly basis. It will restrain carbon dioxide emissions of 127 000 tonnes.