The European Investment Bank (EIB) and Matrix Renewables have signed a €50 million "green loan" agreement to support the design, construction, and operation of five solar photovoltaic power plants with a combined installed capacity of 240 MW. These power plants will be located in Spain, specifically in the regions of Castilla y León and Extremadura.
Matrix Renewables is an global renewable energy platform backed by TPG Rise.
The financing operation further consolidates the European Investment Bank's (EIB) position as the EU's climate bank, aligning with its goal to support €1 trillion in green investments by 2030 and allocate at least half of its annual financing to climate action and sustainability initiatives.
With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity," said Alessandro Izzo, EIB Director of Equity, Growth Capital, and Project Finance. "This project also represents the EIB's contribution to a more sustainable and independent energy model for Europe.
The new photovoltaic plants are situated in regions where per capita income is below the EU average. These plants are expected to be fully operational by the end of 2025.
The project supports the decarbonization goals of the European Green Deal and is also a key component of the EIB's action plan to support "REPowerEU." This EU initiative aims to end dependence on fossil fuel imports by enhancing energy efficiency and increasing production from renewable energy sources.
Nicolas Navas, CFO of Matrix Renewables, said: “We are delighted to partner with the EIB on this important project, which advances our mission to develop sustainable energy and contributes to Spain's and Europe's broader energy transition goals. This project underscores Matrix's commitment to innovation and sustainability. The development of these new solar plants will provide clean energy to thousands of homes and businesses, ensuring a greener future.”
In 2023, the EIB Group provided over €21 billion in financing to enhance Europe's energy security. Of this, €4.5 billion was allocated specifically to Spain, supporting projects across various sectors including renewable energy, energy efficiency, power grids, and storage systems.
These investments help Europe accelerate its transition to sustainable energy and reduce dependence on fossil fuel imports.