Matrix Renewables, a global renewable energy company, signed a €50 million (~$54.74 million) green loan with the European Investment Bank (EIB) to support the development and construction of five solar projects in Spain. With a total installed capacity of 240 MW, the projects are located in Castilla y Leon and Extremadura.
The projects are expected to reach commercial operations by the end of 2025. This project is supported by the European Union’s InvestEU program to mobilize investment from public and private sector funds.
Matrix Renewables CFO Nicolás Navas said: “We are thrilled to partner with the EIB in this significant project that advances our sustainable energy development mission and contributes to Spain’s and Europe’s broader energy transition goals. This project highlights Matrix’s commitment to innovation and sustainability. The development of these new solar plants will provide clean energy to thousands of homes and businesses, reinforcing our dedication to creating a greener future for all.”
Earlier this year, Matrix Renewables and Santander Corporate & Investment Banking closed a €300 million (~$322 million) corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this week, Scatec, a renewable energy solutions provider, announced financial closure for the Sidi Bouzid and Tozeur solar projects, which have a total capacity of 120 MW in Tunisia (each 60 MW). The total project cost is estimated at €79 million (~$86.20 million) and will be financed by non-recourse project finance debt, concessional loans, and equity from the partners.
