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Signature(s)

Amount
€ 80,000,000
Countries
Sector(s)
Spain : € 80,000,000
Energy : € 80,000,000
Signature date(s)
15/12/2023 : € 80,000,000
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Summary sheet

Release date
26 October 2023
Status
Reference
Signed | 15/12/2023
20220648
Project name
Promoter - financial intermediary
CADIZ REPOWEREU SOLAR ENERGY
COMPANIA ESPANOLA DE PETROLEOS SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 80 million
EUR 160 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

Financing of the construction and operation of two solar photovoltaic plants for a total capacity of approximately 227 MW in the Spanish region of Andalucía.

The project consists in the development of two renewable plants in Spain. This project will contribute to the achievement of both national and EU energy and climate goals, reducing the reliance on fossil fuels and decarbonising the electricity production in the EU.

Additionality and Impact

The Project produces electricity from low carbon sources (solar PV) in Spain and addresses the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution. The Project supports EU Renewable Energy (RE) objectives and supports Spain in meeting its commitments with respect to renewable energy targets and greenhouse gas emission reductions set out in their Integrated National Energy and Climate Plan (INECP). The Project will be located in a cohesion region.

The Project will not rely on any RE supporting schemes, though it will possibly rely (in part) on PPAs with also the possibility of the plants portfolio to be being exposed to merchant risks. The Project thereby contributes to the policy objective of supporting market integration of renewable energy projects.

The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on Climate Action (transversal) and economic and social Cohesion (transversal).

The Promoter has a recognised project management capacity with a significant track record of international energy projects.

The EIB loan will diversify the Borrower's financing sources. The Bank is expected to provide the company with a longer maturity than available on the market and more aligned with the expected lifetime of the Project. EIB's financing would also provide a signalling effect on the soundness and quality of the Project.

Environmental aspects
Procurement

Solar PV plants fall under Annex II of the EIA-Directive 2014/52/EU amending 2011/92/EU, requiring the competent authorities to determine whether an EIA is required. Based on their technical characteristics the overhead transmission lines for the interconnection of the schemes to the grid would fall under Annex I for one of the PV plants and under Annex II for the other. Both PV plants have obtained the environmental permits (Declaración de Impacto Ambiental). During appraisal, the Bank services will review the environmental studies, the authorisation procedures, including screening decisions, project descriptions, associated infrastructure as well as terms and conditions of the environmental and building permits.

The promoter has been assessed as 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. However, if at appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the Bank would require these rules to be applied.

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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) - CADIZ REPOWEREU SOLAR ENERGY - ESTUDIO DE IMPACTO AMBIENTAL PLANTA SOLAR FOTOVOLTAICA (PSF) 'HERRADURA'
Publication Date
14 Nov 2023
Document language
Main Topic
Lending
Document Number
182267593
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CADIZ REPOWEREU SOLAR ENERGY - ESTUDIO DE IMPACTO AMBIENTAL - DOCUMENTO DE SÍNTESIS PLANTA SOLAR FOTOVOLTAICA (PSF) 'HERRADURA'
Publication Date
14 Nov 2023
Document language
Main Topic
Lending
Document Number
181996506
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CADIZ REPOWEREU SOLAR ENERGY - ESTUDIO DE IMPACTO AMBIENTAL - DOCUMENTO DE SÍNTESIS PLANTA SOLAR FOTOVOLTAICA (PSF) 'SANCHO'
Publication Date
14 Nov 2023
Document language
Main Topic
Lending
Document Number
182031194
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CADIZ REPOWEREU SOLAR ENERGY - ADENDA AL ESTUDIO DE IMPACTO AMBIENTAL PLANTA SOLAR FOTOVOLTAICA (PSF) "SANCHO",
Publication Date
15 Nov 2023
Document language
Main Topic
Lending
Document Number
182028197
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CADIZ REPOWEREU SOLAR ENERGY - ADENDA AL ESTUDIO DE IMPACTO AMBIENTAL PLANTA SOLAR FOTOVOLTAICA (PSF) "HERRADURA",
Publication Date
16 Nov 2023
Document language
Main Topic
Lending
Document Number
182028800
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - CADIZ REPOWEREU SOLAR ENERGY - ESTUDIO DE IMPACTO AMBIENTAL - PLANTA SOLAR FOTOVOLTAICA (PSF) "SANCHO"
Publication Date
14 Nov 2023
Document language
Main Topic
Lending
Document Number
182244504
Document Focus
Environmental Information
Project Number
20220648
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - CADIZ REPOWEREU SOLAR ENERGY
Publication Date
19 Dec 2023
Document language
Main Topic
Lending
Document Number
179435696
Document Focus
Environmental Information
Project Number
20220648
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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