The European Investment Bank (EIB) has approved framework financing of up to €1.7 billion for Solaria to support the construction of some 120 photovoltaic power plants. Mostly located in Spain, as well as Italy and Portugal, they will have a total capacity of approximately 5.6 GW and will produce an estimated 9.29 TWh a year. The power plants are expected to come into operation by the end of 2028. This is Solaria’s most ambition financing operation to date.
The project is backed by the InvestEU programme, which aims to trigger more than €372 billion in additional investment over the period 2021-27. This operation comes under InvestEU’s Sustainable Infrastructure policy window and it will support the achievement of the EU’s policy objectives under the European Green Deal by providing electricity equivalent to the average annual demand of approximately 2.5 million households and reducing greenhouse gas emissions by around 3 million tonnes of CO2 a year. The project will contribute to social and economic cohesion, accelerate the green transition, and strengthen the security of energy supply in the European Union.