BAKU, Azerbaijan, September 25. The European Investment Bank (EIB) has granted European Solaria producer approval for a framework financing package of up to 1.7 billion billion for new solar energy projects in several European countries, Trend reports.
This funding will facilitate the construction of approximately 120 solar PV power plants, primarily situated in Spain but also in Italy and Portugal.
These power plants will collectively have a capacity of around 5.6 GW and are projected to generate approximately 9.29 TWh annually. It is anticipated that these power plants will become operational by the conclusion of 2028.
This initiative is supported by the InvestEU program, designed to catalyze over €372 billion in additional investments from 2021 to 2027. It falls under InvestEU's Sustainable Infrastructure policy category, with the goal of advancing the European Green Deal's policy objectives.
By delivering electricity equivalent to the annual demand of approximately 2.5 million households and reducing greenhouse gas emissions by roughly 3 million tons of CO2 annually, this project will play a pivotal role in achieving these objectives.
Furthermore, it will contribute to bolstering social and economic cohesion, expediting the transition to environmentally friendly practices, and enhancing energy supply security within the European Union.