The European Investment Bank (EIB) and Naturgy have signed a €1 billion loan agreement to fund new solar energy and onshore wind power stations in Spain, as well as to modernise and convert existing facilities into hybrid plants. An initial tranche of €400 million was signed, with the project expected to increase Spain’s renewable energy capacity by 2.3 GW.
This initiative will also involve investments in renewable energy storage batteries. Upon completion, the project will generate enough green energy to power over 1.15 million homes for a year. The loan is a part of EIB’s action plan to support the REPowerEU plan. It will predominantly take place in regions with below-average per capita income, supporting regional cohesion goals.
In October 2024, the EIB signed a €120 million loan with Iberdrola in Spain to support energy technology research and innovation, with a total investment of €250 million aimed at advancing renewable energy and decarbonisation technologies, including solar, wind, hydro, green hydrogen, and heat pumps.
