Solaria secures €1.7 billion EIB loan to support 5.6 GW renewables in Europe

Solaria has obtained €1.7 billion in framework financing from the European Investment Bank (EIB), to support the construction of 120 photovoltaic power plants covering Spain, Italy and Portugal. The framework agreement has a long-term project finance structure, which comprises several loans provided by financial institutions. Moreover, the first loan under the framework has been signed which is  €278 million for the development of solar plants with a capacity of 1.8 GW.

Furthermore, the solar power plants, with a combined capacity of 5.6 GW, are anticipated to start operating by the end of 2028 and will provide 9.29 terawatt-hours of renewable energy annually. The projects are being supported by the EIB as part of its InvestEU program, which aims to invest €372 billion between 2021 and 2027. Reportedly, more than one-third of the 5.6 GW installed capacity will be in less-developed regions with GDP per capita less than 75 per cent of the EU average. The solar power plants will assist with local employment by generating 11,000 jobs yearly while they are being built.

In August 2023, European Energy aimed to set up a 65 MW solar project in the municipality of Anyksciai, Lithuania. The new facility was anticipated to go into operation in the fourth quarter, 2023. The project  covered more than 120 acres, with more than 140,000 solar panels, and produced 90,000 MWh yearly. It was anticipated that the project will meet the power requirements of nearly 24,000 homes.