Iberdrola secures financing of the 500 MW »Núñez de Balboa« PV solar plant in Spain

EIB, Spain’s ICO and Iberdrola sign green facility for 500 MW PV plant

The European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) will finance the development of the »Núñez de Balboa« PV solar plant, which Spanish solar project developer Iberdrola is currently building in Extremadura (Spain). With 500 MW total capacity and a surface area of nearly 1,000 hectares, the plant is currently the largest PV project under construction in Europe. The EU bank will lend €145 million ($162 million) and the ICO up to €140 million ($157 million) to the company's new solar project, whose total investment exceeds €290 million ($326 million).
In March, Iberdrola celebrated the groundbreaking ceremony of the »Núñez de Balboa« project. It is located between the Badajóz province municipalities of Usagre, Hinojosa del Valle and Bienvenida. Commissioning is planned for 2020 and during its construction phase over 1,000 people will be employed by the project.
Iberdrola plans to install another 2,000 MW of solar and wind power in Extremadura, Spain, by 2022. These new projects will lead to the installation of 10,000 MW and the creation of 20,000 jobs by 2030. The company aims to invest €8 billion ($9.1 billion) between 2018 and 2022 in Spain. With a workforce of 34,000 and assets in excess of €113 billion, it achieved a turnover of €35 billion and a net profit of €3 billion in 2018.

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