September 25 (Solar) – The European Investment Bank (EIB) has approved roughly EUR 450 million (USD 529m) in financing for solar and onshore wind projects in Spain, successful in the country’s 2017 auctions.
The bank said in an update today the total cost of the projects is estimated at EUR 900 million. It did not provide specific details on the awardees.
The projects will go through an Environmental and Social Impact Assessment (ESIA) process, including a public consultation. The capacity to be installed is expected to help Spain meet its 20% renewable energy target for 2020 and substitute in part up to 5 GW of coal-fired capacity that is to be shut down by that year. Nuclear power plant (NPP) closures are also expected in the next decade.
The funds for Spanish greenfield wind and solar photovoltaic (PV) projects are part of a EUR-1.2-billion energy financing package greenlit by the EIB last week. In a separate statement then it said some of the financing would also go for the development of a dedicated terminal at the Port of Brest in France to support construction of offshore wind projects, and also for industrial energy efficiency in Uzbekistan.
(EUR 1 = USD 1.178)