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    Signature(s)

    Amount
    € 148,778,231.27
    Countries
    Sector(s)
    Spain : € 148,778,231.27
    Energy : € 148,778,231.27
    Signature date(s)
    30/06/2022 : € 7,042,542.09
    30/06/2022 : € 141,735,689.18
    Link to source
    Other links

    Summary sheet

    Release date
    5 November 2021
    Status
    Reference
    Signed | 30/06/2022
    20210632
    Project name
    Promoter - financial intermediary
    SOLARIA TRILLO TORO PV GREEN LOAN
    SOLARIA ENERGIA Y MEDIO AMBIENTE SA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 240 million
    EUR 495 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    Construction and operation of five photovoltaic (PV) plants for a peak capacity of 230 MWp in the municipalities of Budia, Durón, Cufuentes and Trillo (Guadalajara) and Toro (Zamora).

    The project comprises the construction and operation of fifteen solar PV plants and their grid connection facilities with a total capacity of c. 736 MWp. The plants are located in the Spanish regions of Castilla y León and Castilla-La Mancha. Out of the fifteen plants, seven are organised in a cluster of 338 MWp, three are organised in a cluster of 150 MWp, one plant of 50 MWp is part of a larger cluster of 138 MWp, and the four remaining plants are not part of any cluster. Once in operation, the project is expected to generate around 1.3 TWh per year.

    Additionality and Impact

    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), the project improves market efficiency and competition. The project components are located in EIB Cohesion Priority regions.


    The Bank will provide a meaningful part of the total financing needs for this Project (58.33% of the debt, a percentage higher than the standard 50% in Project Finance transactions), enhancing the overall financial viability through improved economic conditions compared to commercial lenders.


    The partial exposures of Project revenues to merchant risk implies the structuring of an innovative and riskier financing, which deters many potential co-financiers from participating. As a result, the EIB will be acting as cornerstone lender and thus crowding-in other lender(s) into the financing structure, which, alongside the structuring advice provided, is expected to improve the probability of a timely financial close.

    Environmental aspects
    Procurement

    The plants and most of the ancillary infrastructure fall within Annex II of the EIA directive (Directive 2014/52/EU amending the EIA Directive 2011/92/EU) and have been screened in by the competent authority. A combination of four new 220 kV transmission lines will connect the three clusters mentioned above to the existing network, and falls under Annex I (with a total length of ca. 42 km). All project components have therefore been subject to an environmental impact assessment (EIA) process, including public consultation. Twelve out of the fifteen plants and associated infrastructure have obtained their environmental permits (Declaración de Impacto Ambiental - DIA) in the course of 2021, and the three remaining are undergoing their EIA processes, with the Promoter expecting to obtain the permits in the course of 2022. The plants and associated infrastructure are located outside Natura 2000 sites. The authorisation procedure and compliance with the relevant EU directives, including Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be further assessed at appraisal, in particular the potential cumulative impacts assessments 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 EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Related documents
    Link to source
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    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 Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Adenda al Estudio de impacto ambiental - Budia Norte
    Publication Date
    31 Aug 2022
    Document language
    Main Topic
    Lending
    Document Number
    150987182
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de impacto ambiental - Budia Norte
    Publication Date
    31 Aug 2022
    Document language
    Main Topic
    Lending
    Document Number
    150989733
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - ESTUDIO DE IMPACTO AMBIENTAL - Mudarra
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156166583
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Documento Síntesis del Estudio de impacto ambiental - Hercules
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150988944
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de impacto ambiental - Hinojosas
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156163201
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Documento de síntesis - Hinojasas I
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156158778
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - INFORME INVENTARIO DE FAUNA Adenda al Estudio de Impacto Ambiental - Hercules
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150992240
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de impacto ambiental - Delphinius
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150985376
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - INFORME INVENTARIO DE FAUNA Adenda al Estudio de Impacto Ambiental - Delphinius
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150987099
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de efectos sinérgicos y acumulativos - Hercules & Delphinius
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150987100
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Documento de Síntesis - Budia Norte
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150983245
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - ESTUDIO DE EFECTOS ACUMULATIVOS Y SINÉRGICOS - Mudarra
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156161779
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Documento Síntesis del Estudio de impacto ambiental - Hércules
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150983246
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Documento Síntesis del Estudio de impacto ambiental - Delphinius
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150985272
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - ESTUDIO DE IMPACTO AMBIENTAL - Hinojosas
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156161247
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Adenda al Estudio de impacto ambiental - San Andres
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156156170
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Data Sheet (ESDS) - SOLARIA TRILLO TORO PV GREEN LOAN
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    154968874
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de impacto ambiental - Peralveche
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156165299
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio de impacto ambiental - San Andres
    Publication Date
    1 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    156161573
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Data Sheet (ESDS) - SOLARIA TRILLO TORO PV GREEN LOAN
    Publication Date
    2 Sep 2022
    Document language
    Main Topic
    Lending
    Document Number
    150544676
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA TRILLO TORO PV GREEN LOAN - Estudio d’impacte ambiental - Peralveche
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    154185874
    Document Focus
    Environmental Information
    Project Number
    20210632
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Link to source

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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