EIB Backs Spain's Energy Transition With €1B Naturgy Deal

(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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