The European Investment Bank (EIB) has granted a loan of 575 million euros to Repsol to promote the deployment and start-up in Spain of wind and renewable farms with a capacity of 1.1 gigawatts (GW), which are expected to start up by the end of 2025.
The financed projects will make it possible to supply electricity equivalent to the average annual consumption of 645,000 Spanish homes and a reduction of 800,000 tons of CO2 per year, as reported by the company yesterday. More than 35% of the installed capacity will be located in cohesion regions, which are regions with a per capita income below 75% of the European Union average.
The loan is part of the REPowerEU plan, which aims to boost energy security and reduce the European Union's dependence on imported fossil fuels. "This new financing is support for the company's roadmap established in the 2021-2025 Strategic Plan, which contemplates reaching 6 GW of installed capacity in 2025 and 20 GW in 2030. The support from the EIB endorses our goal of zero net emissions by 2050 and is further demonstration that we are moving on the right path," Repsol CEO Josu Jon Imaz said yesterday.
In December, the EIB already granted another loan of 120 million euros to Repsol to build an advanced biofuels plant in Cartagena (Murcia).
