EIB signs agreement to finance new solar energy farms in Spain

The agreement is part of EU's goal towards reaching climate neutrality by 2050

Photo: EPA EU Commission Vice-President for Financial Services and Capital Markets Union Valdis Dombrovskis

The European Investment Bank (EIB) has signed a financing agreement at COP25 in Madrid worth €26m with IM2 Energía Solar to support the construction of 15 new solar energy farms in Spain. The EIB financing is guaranteed by the Investment Plan's European Fund for Strategic Investments.

The project, entitled “Solar Storm 200”, has the potential to produce 218 megawatts of clean energy, and it will create 400 new jobs in the construction phase as well as hiring an additional 20 permanent staff. The solar parks will be built in Andalusia, the Valencian Community, Murcia and Extremadura.

“Investing in renewable energies is a crucial element to achieving the Paris Climate Agreement goals and reaching climate neutrality by 2050. I am pleased to be in Madrid for COP25 where the European Investment Bank has signed an agreement under the Investment Plan for Europe which will see 15 new solar energy farms constructed in Spain," European Commission Executive Vice-President Valdis Dombrovskis, responsible for An Economy that Works for People, said.

As of November 2019, the Investment Plan had already mobilised €450.6bn of investment across the EU, including €49.5bn in Spain, and supported more than one million start-ups and small and medium businesses. EFSI-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobscompared to the baseline scenario. By 2022, the Investment Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.

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