Solaria will deploy 5.6 GW of photovoltaics in 120 solar plants located in Spain, Italy and Portugal
The European Investment Bank (EIB) has approved framework financing of up to 1.7 billion euros with Solaria to finance the construction of some 120 photovoltaic plants located in Spain, Italy and Portugal and will have a total capacity of approximately 5.6 gigawatts ( GW) and an estimated production of 9.29 terawatt-hours per year. The photovoltaic plants are expected to be operational before the end of 2028. This project, Solaria's most ambitious to date, has the support of the InvestEU program, which aims to mobilize more than 372 billion euros of additional investment in the period 2021 -2027.
The operation will be carried out through the signing of several loans, under the long-term project financing structure, to which financial entities will adhere under this framework financing. The first loan under the umbrella of this framework financing has been signed for a total of 278 million for the construction of photovoltaic plants with a total installed capacity of about 1.08 GW. More than a third of the installed capacity will be located in the least developed regions of the EU, regions with a per capita income below 75% of the European Union average. The boost to employment in the regions where the plants will be deployed is notable since the projects will generate around 11,100 jobs per year during the construction phase, according to EIB estimates.