The project consists of the development, design, construction and operation of 15 solar photovoltaic (PV) plants located across three regions of Spain (Aragon, Castilla La Mancha and Castilla y Leon), with a total installed capacity of approximately 685 MWp.
The operation contributes to the EU-wide target of 32% of energy from renewable sources in gross final energy consumption for 2030 as set out in the latest EU RE Directive (Directive (EU) 2018/2001). It further contributes to the national renewable energy targets as laid out in Spain's Integrated National Energy and Climate Plan (NECP). The latter foresees for 2030 a national target of 42% renewable energy in the final energy consumption, which translates into a share of 74% in the electricity sector (relative to gross generation). The project is partly located in EIB Cohesion Priority Regions, as recently redefined in the context of the 2021-2027 MFF. The project is therefore partially eligible under Article 309 (a) projects for developing less-developed regions and fully under (c) common interest.
The Project Helios concerns the financing of 13 solar photovoltaic power plants with an aggregated installed capacity of 605 MWp. The plants are located in Spain, specifically in the regions of Castilla La Mancha (4 plants of 206.5MWp in total), Aragón (9 plants / 398.5 MWp).
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 and Environmental Sustainability. The Project produces electricity from low carbon sources, 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), the project improves market efficiency and competition. The Project has an excellent economic return when considering the economic value of the clean electricity generated. Some of the project components (33%) are located in EIB Cohesion Priority regions. The participation of the EIB is seen as pivotal both for its financial and non-financial contribution, in particular for securing a significant volume of financing at an adequate cost.
OPDEnergy attaches great value added to the signaling effect provided by the EIB, as a reference financier with the strictest standards in terms of sustainability and environmental protection. Accordingly, OPDE deems EIB financing with a "Green Loan" label as a stamp of quality on its investments and environment-related procedures, which contributes to attract co-financiers.
This document reflects the information presented at first stage approval for this operation. Therefore, the document does not take into account possible developments that could have occurred after this decision.
This operation is intended to generate environmental benefits by supporting renewable energy projects that help mitigate climate change. The projects are expected to fall under Annex II of the EIA-Directive 2014/52/EU, amending 2011/92/EU, requiring the competent authorities to determine whether an environmental impact assessment (EIA) is required. Overhead transmission lines for the interconnection of the projects to the grid falling under the Annex I will be expected to be subject in all cases to an EIA process. At date, three out of 15 projects have obtained their environmental license (Declaracion de Impacto Ambiental, DIA), and the rest of the processes are still ongoing or under preparation. The Bank will assess the capacity and procedures of the Promoter to ensure the projects' compliance with the sector-relevant national and European environmental and biodiversity regulations. The authorisation procedure and compliance of the projects with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed during project appraisal, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.
The Promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the Promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).
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