The European Investment Bank (EIB) and BNZ, a solar project developer owned by Nuveen Infrastructure, announced the signing of a €166 million (~$184.68 million) green loan to support the development of 17 new solar projects with a combined capacity of more than 700 MW located across Spain, Italy, and Portugal.
The funding is the first tranche of a €500 million (~$556.27 million) loan approved by the EIB to support BNZ’s roll-out of 1.7 GW of solar projects in Southern Europe by the end of 2026.
The project is supported by InvestEU, the EU flagship program to mobilize over €372 million (~$413.86 million) of public and private funds to support the EU’s clean energy goals in the period 2021-2027.
“This new investment is a clear example of how the EIB is fostering the energy transition, contributing to a more sustainable energy model, and leveraging the great potential of southern European countries for renewable energy,” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. “The project will boost energy supply security and contribute to the strategic autonomy of Europe by reducing dependency from fossil fuel imports.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, Arevon Energy, a solar and energy storage project developer, announced the close of $351 million in financing to build the 251 MWdc Gibson Solar Project, in Gibson County, Indiana.
