Iberdrola Progresses Europe’s Largest Solar PV Farm

EIB, ICO Provide Finance

Renewable energy group Iberdrola has signed financing agreements for the construction of the largest solar photovoltaic farm in Europe.

The giant Núñez de Balboa plant will occupy a surface area of 1,000 hectares and require extensive breakbulk transport throughout the construction phase as its developers build complete new grid connection infrastructure.

“With this new agreement we are securing our investment in Núñez de Balboa and we continue to make progress towards the objective of tripling our wind and solar capacity in Spain by 2030 [in line with] Iberdrola's commitment to a sustainable energy model that allows the transition to a low-carbon economy," said Ignacio Galán, chairman of Iberdrola.

EIB, ICO Financing

The innovative green finance agreement will see the The European Investment Bank (EIB) and the Instituto de Crédito Oficial, or ICO, lend up to €285 million towards the project.
“The operation signed today strengthens the support for financing investments in energy efficiency or the production of energy from renewable and non-polluting sources. This financing is part of the ICO Group's global strategy which includes sustainability criteria to perform its activities,” said José Carlos García de Quevedo, ICO president.

Commissioning is planned for 2020, and during its construction phase more than 1,000 people will be employed by the project. Once complete the farm will produce around 832 gigawatt hours per year.

€8 billion Investment

The advancement of this latest financing round is expected to drive further power projects across the Iberian peninsula and is part of Iberdrola’s target to install another 2 gigawatts of solar and wind power in Extremadura by 2022.

“Of the new projects in the region some are at an advanced stage of development, including the Ceclavín, Arenales and Campo Arañuelo I and II PV plants,” a spokesperson for the firm said.

This development is an element of the company's plan to reactivate clean energy in Spain, and invest an estimated €8 billion between 2018 and 2022.

Multinational electric utility company, Iberdrola is based in Bilbao, Basque Country. The group employs about 31,330 staff across four continents and has been a major investor in renewable energy projects.