Home › Investment & Trading ›EIB Sanctions Euro 575 Million Loans to Support Repsol’s RE Projects in Spain
EIB Sanctions Euro 575 Million Loans to Support Repsol’s RE Projects in Spain
The projects developed will generate electricity equivalent to the annual average consumption of around 645,000 Spanish households and will help reduce annual greenhouse gas emissions by the equivalent of over 800,000 tons of CO2 per year.
July 28, 2023. By EI News Network
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The European Investment Bank (EIB) has sanctioned Euros 575 million in loans to assist Repsol’s rollout of wind and solar PV plants in Spain with an overall capacity of 1.1 GW.
The renewable energy amenities will be commissioned before the end of 2025.
The projects developed will generate electricity equivalent to the annual average consumption of around 645,000 Spanish households and will help reduce annual greenhouse gas emissions by the equivalent of over 800,000 tons of CO2 per year.
The agreement also assists Repsol’s target of achieving 20 GW of installed renewables capacity in 2030 and zero net emissions by 2050.
Over 35 percent of the installed capacity will be in cohesion regions, where per-capita-income is less than 75 percent of the EU average, underlining EIB’s commitment to economic and social cohesion.
The Euro 400 million financing signed the first tranche of an approved EIB loan of Euro 575 million, will contribute to accelerating the energy transition, strengthen the security of power supply, and boost climate action and social and economic cohesion. The loan is part of the EIB’s dedicated contribution to REPowerEU, and will support energy security by lowering EU dependency from fossil fuel imports.
EIB Vice-President Ricardo Mourinho Félix, said, "With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity and supporting Repsol's decarbonization strategy,".
Repsol CEO Josu Jon Imaz added, "This new financing supports the company's roadmap set out in the 2021-2025 Strategic Plan, aiming to reach 6,000 MW of installed capacity by 2025 and 20,000 MW by 2030. The EIB's support endorses our goal of zero net emissions by 2050 and is further proof that we are moving in the right direction."
The EU Bank once again supports Repsol's decarbonization strategy following a Euro 120 million loan signed last December for the construction and operation of the first advanced biofuels production plant in Spain, located in Cartagena (Region of Murcia).
Repsol has a global portfolio of 1.9 GW renewable energy projects in operation, most of which are in Spain. In addition, the company has renewable assets in different stages of development in the United States, Chile, Portugal, and Italy.
Repsol was the first company in its sector to commit to achieving net zero emissions by 2050, and is executing an ambitious decarbonization strategy, in line with the objectives set out in the Paris Agreement and the United Nations Sustainable Development Goals.
The renewable energy amenities will be commissioned before the end of 2025.
The projects developed will generate electricity equivalent to the annual average consumption of around 645,000 Spanish households and will help reduce annual greenhouse gas emissions by the equivalent of over 800,000 tons of CO2 per year.
The agreement also assists Repsol’s target of achieving 20 GW of installed renewables capacity in 2030 and zero net emissions by 2050.
Over 35 percent of the installed capacity will be in cohesion regions, where per-capita-income is less than 75 percent of the EU average, underlining EIB’s commitment to economic and social cohesion.
The Euro 400 million financing signed the first tranche of an approved EIB loan of Euro 575 million, will contribute to accelerating the energy transition, strengthen the security of power supply, and boost climate action and social and economic cohesion. The loan is part of the EIB’s dedicated contribution to REPowerEU, and will support energy security by lowering EU dependency from fossil fuel imports.
EIB Vice-President Ricardo Mourinho Félix, said, "With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity and supporting Repsol's decarbonization strategy,".
Repsol CEO Josu Jon Imaz added, "This new financing supports the company's roadmap set out in the 2021-2025 Strategic Plan, aiming to reach 6,000 MW of installed capacity by 2025 and 20,000 MW by 2030. The EIB's support endorses our goal of zero net emissions by 2050 and is further proof that we are moving in the right direction."
The EU Bank once again supports Repsol's decarbonization strategy following a Euro 120 million loan signed last December for the construction and operation of the first advanced biofuels production plant in Spain, located in Cartagena (Region of Murcia).
Repsol has a global portfolio of 1.9 GW renewable energy projects in operation, most of which are in Spain. In addition, the company has renewable assets in different stages of development in the United States, Chile, Portugal, and Italy.
Repsol was the first company in its sector to commit to achieving net zero emissions by 2050, and is executing an ambitious decarbonization strategy, in line with the objectives set out in the Paris Agreement and the United Nations Sustainable Development Goals.
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