The EIB (European Investment Bank) is reportedly placing its focus on investing 43.5 million euros ($48.8 million) in Cabrera Solar Project, a solar PV project. This investment from the EIB for the project in Andalusia, Spain is sponsored by the EFSI (European Fund for Strategic Investments).

Under the Cabrera Solar Project, four photovoltaic solar plants of 50MW-peak will be constructed and operated in Alcalá de Guadaira, Seville. Additionally, the project is expected to offer nearly 350 employment opportunities in this region.

According to Emma Navarro, Vice President of EIB Spain, the European Union climate bank has been committed to ensuring green recovery in Europe. It also focuses on developing sustainable infrastructure while driving job creation. There is a high potential for growth of the renewable energy sector in Spain and the EU bank has been supporting required investments to meet its renewable energy target. Even during the COVID-19 crisis, the financial institution considers climate change as one of the major threats.

The solar PV project is backed by Encavis, an independent renewable power producer, and Solarcentury, global solar power company. Once operational, the four plants will be capable of supporting over 145,000 households, which will significantly offset carbon emissions to an equivalent of 300-metric kiloton, annually.

The project will meet the objective of the Spanish Government to generate 20% of the energy needs from renewable sources by 2020 end. It will also serve the target of the European Commission to ensure that at least 32% of the final energy consumption in Europe comes from renewable sources by 2030.

Paolo Gentiloni, European Commissioner for Economy, has stated that the financial support from the EU will considerably reduce the CO2 emissions in the Andalusia region. It will also help take a step closer to the goal of ensuring climate neutrality in the EU by 2050.

In addition to the recent solar PV project, EIB has agreed to offer a loan for the development of 66 small-scale independent PV plants by Energy Solar Projekty in Poland.

Source credit:

https://www.power-technology.com/news/eib-invest-spain-cabrera-solar-project/