The European Investment Bank (EIB) and Matrix Renewables have signed a €50 million ($55 million) green loan to fund the design, construction, and operation of five solar photovoltaic plants with a total capacity of 240 MW. These plants will be located in Castilla y Leon and Extremadura, Spain. Matrix Renewables, an Independent Power Producer (IPP) supported by TPG Rise, will use the financing to advance its renewable energy projects.
This financing move reinforces the EIB’s role as the EU climate bank, to support €1 trillion ($1.09 trillion) in green investments by 2030 and dedicate at least half of its annual financing to climate action and sustainability.
“With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity. We are also delighted to support Independent Power Producers in their development and deployment efforts, fundamental to accelerate renewable generation investments” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo.
The new photovoltaic plants will be situated in economically disadvantaged regions where per capita income is below the EU average, reflecting the EIB’s commitment to regional economic growth and convergence. The plants are expected to become operational by the end of 2025.
The initiative supports the European Green Deal’s decarbonisation goals and aligns with the EIB’s action plan to support REPowerEU, the EU strategy aimed at reducing reliance on fossil fuel imports through increased energy efficiency and renewable energy production.
Matrix Renewables CFO, Nicolás Navas said, “We are thrilled to partner with the EIB in this significant project that not only advances our mission of sustainable energy development but also contributes to Spain’s and Europe’s broader energy transition goals. The development of these new solar plants will provide clean energy to thousands of homes and businesses, reinforcing our dedication to creating a greener future”.
The project is backed by InvestEU, the EU’s flagship programme aimed at mobilising over €372 billion in additional investment from public and private sources to support EU policy goals from 2021 to 2027.