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    Signature(s)

    Amount
    € 50,000,000
    Countries
    Sector(s)
    Spain : € 50,000,000
    Energy : € 50,000,000
    Signature date(s)
    1/08/2024 : € 50,000,000
    Link to source

    Summary sheet

    Release date
    4 October 2024
    Status
    Reference
    Signed | 01/08/2024
    20230499
    Project name
    Promoter - financial intermediary
    PROJECT PRIME SOLAR PV
    MATRIX RENEWABLES (SPAIN) HOLDINGS SLU
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 50 million
    EUR 240 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The project will finance the design, construction, implementation and operation of 5 solar photovoltaic plants (with an aggregate capacity of 240MWp) in Castilla y Leon and Extremadura.

    The aim is to support the National and EU decarbonisation targets as well as contribute to climate change mitigation.

    Additionality and Impact

    The project falls under the InvestEU objectives as it concerns the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions.


    The project increases renewable energy generation capacity in Spain and contributes to national and EU 2030 climate objectives. The financing of this project is in line with the Bank's lending priority objectives on Renewable Energy as well as on Climate Action, Environmental Sustainability and Social and Economic Cohesion.


    The project produces electricity from low carbon sources (solar PV plants), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and other air pollution (compared to fossil-fuel generation).


    As the project is expected to rely on revenues from the market (the wholesale market and unsubsidized commercial Power Purchase Agreements), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity pricing and lack of locational pricing). Thereby the project improves market efficiency and competition.


    The project is expected to yield very good quality and results due to excellent rated, broader social benefits and fair employment creation. The project is supported by the adequate governance and capabilities of the promoters. The schemes are located in EIB Cohesion Priority regions.


    With the tenor provided, without price hedging mechanisms for a long period, coupled to high leverage, the project is in the higher range of risk financed on the market. Presence of the EIB has a strong signalling and catalytic effect showing that the Project is worth financing. The Bank's streamlined approval process used for this sub-operation is instrumental in allowing its signature and start of construction in a reduced timing, which is paramount for the Sponsor.


    The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.


    Environmental aspects
    Procurement

    Solar power plants and most of the ancillary infrastructure fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by the Directive 2014/52/EU), requiring the competent authorities to determine whether an EIA is required. Overhead transmission lines for the interconnection of the schemes to the grid, if falling under the Annex I due to their technical characteristics, are expected to be subject to an EIA process. The EIB will assess compliance with applicable EU Directives during the project appraisal, in particular concerning cumulative impacts and potential impacts on nature conservation sites.

    The promoter is a private company and the schemes envisaged for this operation are market-based renewable energy projects, which do not enjoy any special or exclusive rights. Therefore, private sector procurement procedures should apply. This will be further reviewed during the project appraisal.

    Milestone
    Under appraisal
    Approved
    Signed
    23 February 2024
    1 August 2024
    Related projects
    Link to source

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - PROJECT PRIME SOLAR PV
    Publication Date
    23 Oct 2024
    Document language
    Main Topic
    Lending
    Document Number
    183381405
    Document Focus
    Environmental Information
    Project Number
    20230499
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

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