The European Investment Bank (EIB) has granted a loan of €80 million to Cepsa for the construction of two photovoltaic solar plants in Andalusia.
The plants will add 227 MW to the electricity generation capacity from renewable sources, will contribute to reducing carbon emissions and support Cepsa's “Positive Motion” strategy.
The projects developed will generate a volume of electricity equivalent to the average annual consumption of approximately 108,800 Spanish homes and will contribute to reducing greenhouse gas emissions in a volume equivalent to more than 140,000 tons of CO2 per year.
All of the 227 MW of installed capacity will be deployed in cohesion regions, where per capita income is less than 75% of the EU average, underlining the EIB's commitment to reducing regional inequalities and promoting of investment in less favored areas.
The loan is also part of the EIB's action plan to support the REPowerEU initiative to ensure energy security and reduce the EU's dependence on fossil fuel imports.
“Today's financing agreement is yet another example of the EIB's continued support to increase renewable energy generation in Spain. This new loan will add 227 MW to the electricity generation capacity from renewable sources, accelerate the green transition and promote cohesion. It also reflects the EIB's commitment to guaranteeing access to sustainable energy for all Europeans, and to contributing to the strategic autonomy of the EU,” said EIB Vice-President Ricardo Mourinho Félix.
For his part, Maarten Wetselaar, CEO of Cepsa, highlighted: “This new EIB loan will help Cepsa build two solar plants in Andalusia, southern Spain, where we are developing one of the most ambitious green hydrogen projects in Europe. Solar energy is a key ingredient for the production of green hydrogen, which can decarbonize heavy transport and industry, and also for other energy-intensive uses. “We thank the EIB for its support in helping Cepsa advance our strategy to become a leading provider of clean energy solutions, especially for sectors where decarbonization is more difficult.”
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