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

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

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.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

October 6, 2025
An expert panel has identified a series of grid failures that led to April's unprecedented power outage in Spain and Portugal, ruling out renewables as the leading cause.
October 2, 2025
Spanish waste management company Trabede and energy firm Greening Group will build a solar module recycling plant in Granada, Andalusia, Spain.
September 25, 2025
Italian energy utility Enel has issued a US$4.5 billion (€3.8 billion) bond seeking investment from “US and international” investors.
September 19, 2025
EdgeMode has acquired a portfolio of data centre assets in Spain, with plans to build a 300MW solar, 1.2GWh storage facility at the sites.
September 17, 2025
Spanish IPP Velto Renewables has acquired a portfolio of 53 operational solar assets in Spain with a combined capacity of 260MW.
September 17, 2025
For the third year in a row, self-consumption installs have fallen in Spain, with 611MW of new additions in the first half of 2025, according to a report from trade body APPA Renovables.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland