ENERGY company Endesa has secured loans totalling €500 million to fund solar and wind projects in Spain.
The deals will help Endesa deliver on its own clean energy goals, which include reaching net-zero emissions across its operations by 2040.
The money comes from state finance agency Instituto de Credito Oficial(ICO) and the European Investment Bank(EIB).
The ICO loan is €300 million and will be used to aid construction at 20 solar plants and eight wind farms, with a power capacity of 2.35GW and 0.55GW respectively.
Construction on these projects began in 2021, a year in which the company’s solar power capacity leapt from 497GWh in 2020 to 1,067GWh by the end of 2021.
The EIB has committed an additional €200 million to Endesa, bringing its total investment in the company up to €700 million, and this money will go towards building grid infrastructure for a number of solar and onshore wind projects in Spain.
According to Endesa, these solar projects have a total capacity of 1.5GWp, while the wind facilities have a capacity of 0.4GW.
The loans will also help the company meet a number of national- and European-set targets for clean power production.
“Having the support of the EIB and the ICO once again is a guarantee of the solidity of Endesa’s commitment to comply with its strategic plan and continue walking towards the decarbonisation of the economy,” said Endesa CEO Jose Bogas.
“The funding is also in line with the EU’s ‘Fit for 55’ legislative package, which is going to make Europe the first carbon-neutral continent by 2050,” Bogas added.
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