Ignis wins $378.52 million for 500 MW clean energy development in Spain

Ignis, a Spanish independent energy company, has received financing of $378.52 million to bolster the construction of 500 MW of renewable energy projects. Deutsche Bank is the sole underwriter of the project and led the financing. Other international members are Rabobank, ABN Amro, and Tridos Bank. Reportedly, a huge amount of the loan will be used to develop the company’s plan for the design, construction, promotion, and operation of the plants.

According to the company’s strategic energy transition plan, the financing structure has been adjusted to a strategy of engineering procurement, construction, and power purchase agreements. For the renewable projects scheduled to start building in 2023 and 2024, environmental permits are already in place. In addition to preventing 324,000 metric tonnes of carbon dioxide emissions, they will produce 900 gigawatt-hours of clean energy a year, enough to power 260,000 Spanish households. Moreover, these initiatives also assist the socioeconomic system and generate employment.

In April 2023, Cepsa partnered with Apical Group’s Bio-Oils unit to construct a $1.11 billion second-generation biofuel factory in southern Spain. Reportedly, the facility, which will be operational in 2026, will be the largest in southern Europe. It will be able to produce 500,000 tonnes of sustainable aviation fuel and renewable diesel annually from organic waste, such as discarded cooking oils. Biofuels are seen as the key to decarbonising transportation in sectors hard to electrify, like aviation.