EIB, BNZ fund 17 new solar plants

The European Investment Bank (EIB) and BNZ have finalised a €166 million loan to fund the installation of 17 solar photovoltaic plants across Spain, Italy, and Portugal.

This loan marks the first tranche of a €500 million financing package approved by the EIB to support its ambitious plan to deploy 1.7 GW of solar power in Southern Europe by the end of 2026.

The new solar plants will generate green energy equivalent to the annual consumption of over 390,000 households, with most installations planned for cohesion regions, where per capita income is below the EU average.

This initiative underscores the EIB’s commitment to regional economic growth and convergence.

The project aligns with the EIB’s climate action goals and its role as ‘The Climate Bank,’ as outlined in its 2024-2027 Strategic Roadmap.

Alessandro Izzo, EIB Director of Equity, Growth Capital, and Project Finance, emphasised that this investment supports Europe’s energy transition, enhances energy security, and reduces dependency on fossil fuel imports.

Supported by InvestEU, the project also contributes to the European Green Deal and the REPowerEU plan, which aim to boost energy efficiency and increase renewable energy production.