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Add to Preferred SourcesThe European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) will finance the development of the Núñez de Balboa photovoltaic power plant, which Iberdrola is currently building in Extremadura.
The facility covers a surface area of close to 1000 hectares and will provide a total output power of 500 MW, making it the largest photovoltaic power plant under construction in Europe. It will be able to supply clean energy to 250,000 people, more than the population of the cities of Cáceres and Badajoz, and it will avoid the emission of 215,000 tonnes of CO2 into the environment every year.
The EU bank will provide EUR 145m and ICO will provide up to EUR 140m for the company’s new renewable energy project, the total investment for which will reach EUR 290m.
Núñez de Balboa is located between the municipalities of Usagre, Hinojosa del Valle and Bienvenida in Badajoz province. It is scheduled to come on line in 2020, and the construction phase will create more than 1000 jobs. The project also includes the development of all of the infrastructure required to transmit the energy generated to the electricity distribution network.
At the signing ceremony, EIB Vice-President Emma Navarro said: “We are very happy to be supporting a project that will strengthen Spanish and European leadership in the transition towards a low-emissions economy. Our involvement demonstrates the EIB’s strong commitment to climate action. The EU bank is the biggest multilateral financer of projects that contribute to climate action, supporting projects like this one that reduce contaminant emissions while generating economic growth and employment.”
Original source: EIB
Published on 16 July 2019