The European Investment Bank (EIB) has finalized three loan agreements totalling €265 million ($290.88m) for solar initiatives across Europe.
The financing will support solar photovoltaic projects in Spain, rooftop solar panel expansion project in Belgium and the scaling up of ground-breaking solar technology in Sweden.
According to EIB, it has finalized a €80 million loan with global energy company Cepsa in Spain. The fund will facilitate the construction of two solar PV plants with 227MW of electricity to the grid.
It comes as Cepsa is also developing one of the most ambitious green hydrogen projects in Europe.
As per Cepsa CEO Maarten Wetselaar, “Solar power is a key ingredient for the production of green hydrogen, which can decarbonise heavy transport and industry, and also for other energy-intensive uses.”
It has been reported that the project supports the REPowerEU initiative, which focuses on enhancing energy security and reducing dependence on fossil fuel imports.
In Belgium, the EIB provided a €150m framework loan to VGP Renewable Energy for the installation of rooftop solar panels on logistics centres across the EU.
The project will generate up to 190 gigawatt-hours of renewable electricity annually.
In addition, the EIB has invested in several solar projects throughout the year. Among many, Solaria received $1.8bn loan to build PV plants across Spain, Italy and Portugal with 5.6GW of capacity.