The European Investment Bank (EIB) and Naturgy have finalized a €1 billion ($1.05 billion) loan to advance renewable energy projects in Spain.
The first tranche of €400 million ($422 million) was signed in Madrid, marking a key milestone in Spain’s energy transition.
The funding will support the development of new solar and onshore wind power stations, upgrades to existing facilities for hybrid operation, and battery storage investments.
The initiative is expected to expand Spain’s renewable energy capacity by 2.3 GW, supplying enough clean energy to power 1.15 million homes annually.
The project aligns with the EU’s REPowerEU plan to enhance energy security and accelerate the energy transition. It will also contribute to Spain’s climate goals and create 4,200 jobs during the implementation phase, particularly in rural areas, promoting regional development.
EIB director general Jean-Christophe Laloux emphasized the project’s contribution to Europe’s energy transition and strategic autonomy.
Naturgy executive chairman Francisco Reynés highlighted the initiative’s role in advancing decarbonization and boosting economic opportunities in sparsely populated areas.
This agreement follows the EIB’s March 2024 approval of a €700 million loan to Iberdrola for expanding Spain’s electricity distribution network.