The European Investment Bank (EIB) has invested €76.5 million ($84.7 million) in the 300-megawatt peak Talayuela Solar plant, one of the largest solar plants in Spain.
The bank announced the investment during the U.N. Climate Change Conference COP 25, taking place in Madrid through Dec. 13.
The €228 million ($252 million) project is sponsored by renewable energy producer Encavis AG and Solarcentury, a global integrated solar power company, and is one of the first greenfield renewable energy projects in Spain to be financed without government or public support, according to EIB. The EIB and Deutsche Bank have agreed to finance a total of €165 million ($182 million).
Encavis AG has provided Solarcentury with a notice to begin construction of the plant, which is expected to be operational in the second half of 2020.
The Talayuela plant is expected to have a significant impact on the Spanish renewable energy market, helping it meet its renewable target
