InvestEU: EIB signs €50 million green loan with Matrix Renewables to deploy 5 new solar photovoltaic plants in Spain
The European Investment Bank (EIB) and Matrix Renewables have signed a €50 million green loan to support the design, construction, and operation of 5 solar photovoltaic plants with an installed capacity of 240 MW located in the regions of Castilla y Leon and Extremadura in Spain. Matrix Renewables is a global renewable energy prlatform backed by TPG Rise.
The financing operation contributes to consolidate the EIB’s position as the EU climate bank aiming to meet the objective of supporting €1 trillion in green investment in the critical decade to 2030 and committing 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” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. “The project is also part of the EIB contribution to a more sustainable and independent energy model for Europe.”
The new photovoltaic plants are in cohesion regions, where per capita income is lower than EU average, underlining the EIB’s commitment to economic growth and convergence among regions. It is expected that the new plants will be fully operational by the end of 2025.
The project supports the decarbonisation objectives of the European Green Deal and is also part of the EIB’s action plan to support REPowerEU, the EU plan designed to end dependence on fossil fuel imports by increasing energy efficiency and ramping up production from renewables.
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. This project highlights Matrix’s commitment to innovation and sustainability. 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 supported by InvestEU, the EU flagship programme to mobilise more than €372 billion of additional investment from public and private sector funds to support EU policy goals in the period 2021-2027.
The EIB and energy security
In 2023, the EIB Group provided more than €21 billion in financing for energy security in Europe. In the same year, it allocated €4.5 billion to this goal in Spain, financing projects in areas including renewable energy, energy efficiency, power grids and storage systems. These investments are helping Europe speed up its transition to sustainable energy and reduce its reliance on fossil fuel imports.
In July 2023, the EIB Board of Directors raised the amount earmarked for REPowerEU projects to €45 billion. REPowerEU is the plan designed to end Europe’s dependence on fossil fuel imports. To boost financing for the EU manufacturing industry, the EIB will also expand the range of eligible sectors to include leading strategic technologies with net-zero carbon emissions, as well as extraction, processing and recycling of critical raw materials. The additional financing will be disbursed between now and 2027. In total, it is expected to mobilise more than €150 billion in investment in the target sectors.
