EIB to provide loan for 500 MW solar project in Spain

The European Investment Bank will support Iberdrola with a EUR145 million (US$162.4 million) loan for a renewable energy project in Spain.

The project involves the development of a 500 MW Nunez de Balboa solar scheme located in Usagre (Badajoz province, Extremadura region). The facility will prevent 215,000 tons of CO2 a year. It will use 1,000 hectares of land. It can generate power to supply 250,000 households annually.

The financing is still subject to environmental and social standards, as well as the EU procurement legislation.

Project owners besides Iberdrola are local Spanish companies, such as Ecoenergias del Guadiana, Imedexsa, Cubillana, Elaborex and Instituto Aeronautico.

The construction of the solar park commenced in March 2019.