European Investment Bank to finance Nuñez de Balboa mega-facility

Facebook
Twitter
LinkedIn
Reddit
Email
Núñez de Balboa plant. Credit: Iberdrola.

Europe’s biggest PV solar plant is one step closer to fruition after the European Union’s investment arm and Spain’s state-owned bank the Insituto de Crédito Oficial have agreed to bankroll it with a €285 million (US$319 million) loan.

Spanish utility Iberdrola began construction on the Núñez de Balboa plant in the Extremadura region of western Spain in March. The 1,000-hectare mega-facility will have a capacity of 500MW and supply energy to 250,000 people. It is the largest solar park under construction in Europe.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The green finance agreement was signed in Madrid by European Investment Bank vice-president Emma Navorro, ICO president José Carlos García de Quevedo and Iberdrola chairman Ignacio Galán. The EU has committed to lending €145 million (US$163 million) and the ICO up to €140 million (US$156 million).

More than 1000 people will work on the Núñez de Balboa project during its construction, which is slated to finish in 2020.

The Núnez de Balboa mega-facility is the cornerstone of Iberdrola’s pledge to commission 10GW of renewables in Spain by 2030 – tripling its current capacity. The 328MW Ceclavín and 150MW Arenales plants will also contribute to the utility hitting its milestone.

The European Investment Bank is the largest multilateral provider of climate action worldwide. It has committed to spending 25% of its investments in on climate change mitigation and adaption. In 2018, it exceeded that target.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA