EIB Backs Spain's Energy Transition With €1B Naturgy Deal
Date
11/29/2024 7:09:35 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 29. The European
Investment bank (EIB) and Spanish energy company Naturgy have
finalized a 1 billion euro loan agreement to fund investments in
new solar and onshore wind power facilities and upgrade existing
sites into hybrid installations, Trend reports.
An initial tranche of 400 million euros was signed in Madrid as
part of the initiative, which will also include investments in
energy storage solutions.
This partnership aims to increase Spain's renewable energy
capacity by 2.3 GW, enough to provide green energy to over 1.15
million homes annually. The project aligns with the EIB's climate
action goals and supports the REPowerEU plan to strengthen energy
security and accelerate the energy transition.
Jean-Christophe Laloux, EIB Director General, emphasized the
project's significance, stating, "This financing agreement
underscores our commitment to Europe's energy transition and will
contribute to both energy security and strategic autonomy."
Naturgy Executive Chairman Francisco Reynés highlighted the
project's broader impact, noting its role in advancing Spain's
decarbonization efforts and creating approximately 4,200 jobs,
particularly in economically disadvantaged regions, enhancing
territorial cohesion.
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