Search En menu en ClientConnect
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

    Signature(s)

    Amount
    € 351,548,319
    Countries
    Sector(s)
    Spain : € 351,548,319
    Energy : € 351,548,319
    Signature date(s)
    21/09/2023 : € 19,143,444
    20/12/2023 : € 75,000,000
    21/09/2023 : € 257,404,875
    Link to source
    Other links
    Related story

    Summary sheet

    Release date
    21 March 2023
    Status
    Reference
    Signed | 21/09/2023
    20220763
    Project name
    Promoter - financial intermediary
    SOLARIA EUROPEAN PV GREEN LOAN
    SOLARIA ENERGIA Y MEDIO AMBIENTE SA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 1700 million
    EUR 5044 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The project will finance a photovoltaic (PV) portfolio developed by Solaria with a total expected capacity of up to 5.6 GW. The pipeline is located in Spain (4.85 GW), Italy (382 MW) and Portugal (375 MW).

    Renewable power plants contribute to progress on the national and EU energy and climate goals, namely decarbonise electricity production in the EU and decrease the reliance on fossil fuels. The project is therefore eligible under Article 309 point (c) common interest. Certain regions where the portfolio of plants will be developed are classified as EIB Cohesion Priority Regions. Should plants in the project be located in such regions, then parts of the project would also be eligible under Article 309 point (a) projects for developing less-developed regions. The investment programme is expected to be economically justified, as it will generate economic benefits, notably in terms of climate action by stepping up investments in renewable energy, creation of economic activity, as well as CO2 emission reductions.

    Additionality and Impact

    The Project consists in the financing of a portfolio of solar photovoltaic plants in Spain, Italy and Portugal, with a total capacity of about 5.6 GW.


    The project produces electricity from sustainable low carbon sources (solar PV) in three different countries (Italy, Portugal and 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 objectives and supports Italy, Portugal and Spain in meeting their commitments with respect to renewable energy targets and greenhouse gas emission reductions set out in their Integrated National Energy and Climate Plan. Ca. 35% of total installed capacity of the PV portfolio will be built in cohesion regions.


    The programme is eligible under InvestEU as it supports the development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement, in particular through the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions.


    The projects portfolio will not rely on any renewable energy supporting schemes, though it may partially rely on Power Purchase Agreements. Possibly, the plants portfolio will be 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 Bank will provide a meaningful part of the overall financing needs for this important Project through a construction facility of between 7-9 years aimed at getting the assets built and in operation. This type of loan with a bullet payment at the end of the tenor, with full merchant risk has been implemented on a Project Finance basis only in very limited number of transactions and with a shorter legal maturity to the one presented for this transaction. Currently, most commercial banks are still reluctant to offer such type of financing.


    EIB is also alternatively offering the possibility to support the Project through a long-term structure on a PF basis, for the Projects where the Promoter is able to secure adequate Power Purchase Agreements before securing the financing.


    This approach gives the Promoter the necessary flexibility to roll out its sizable portfolio of assets within a quite short time horizon given that the initial formalisation of the Bridge Financings is much quicker than the execution of a long-term Project Finance transaction, and does not require the signature of a Power Purchase Agreement at financial close.


    Solaria attaches great value added to the signalling effect provided by the EIB, as a reference financier with the strictest standards in terms of sustainability and environmental protection. Accordingly, Solaria deems EIB financing with a "Green Loan" label as a stamp of quality on its investments and environment-related procedures, which contributes to attract investors and co-financiers.


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

    Environmental aspects
    Procurement

    This investment programme will generate environmental benefits by supporting ground based solar PV projects that help mitigate climate change. The individual 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). Overhead transmission lines for the interconnection of the schemes to the grid, if falling under the Annex I due to their technical characteristics, will be expected to be subject in all cases to an EIA process. The individual projects are at various stages of permitting at this stage. The EIB will assess the capacity and capability of the promoter to implement the programme, in line with the EIB's environmental and social standards (E&S) and requirements. Moreover, given that China largely dominates the PV market and that media report that supply chain of these products would involve forced labour, an enhanced due diligence on the topic will be carried out. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate change mitigation and pollution prevention and control.

    The promoter has been assessed by the EIB as being a private company not being 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 EIB Bank would duly inform the European Commission Services and would require the promoter to apply those rules.

    Milestone
    Under appraisal
    Approved
    Signed
    12 July 2023
    21 September 2023
    Related documents
    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) - SOLARIA EUROPEAN PV GREEN LOAN
    Publication Date
    19 Jul 2023
    Document language
    Main Topic
    Lending
    Document Number
    169456964
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Europasolar & Callisto Solar
    Publication Date
    8 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169381949
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Alcarràs – el Segrià - Volans Solar 2
    Publication Date
    8 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169423838
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Alcarràs – el Segrià - 3 - Juno 1
    Publication Date
    8 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169428522
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Barcina-Garoña
    Publication Date
    8 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169425958
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - ESTUDIO ARQUEOLÓGICO
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169423709
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Barcina-Garoña - Adenda
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169429907
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus Solar
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169428901
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - RESUMEN NO TÉCNICO
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169429504
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - Estudio de Impacto e Integración Paisajistica
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169422163
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - CARTOGRAFÍA TEMÁTICA
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169423710
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - REPORTAJE FOTOGRÁFICO
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169425955
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Alcarràs – el Segrià - Volans Solar 1
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169432738
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Tucana - Adenda
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169419767
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Tucana
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169431761
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - ESTUDIO DE CICLO ANUAL DE AVIFAUNA DE LAS INFRAESTRUCTURAS COMUNES DEL NUDO LUENGO
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169430906
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental Europasolar & Callisto Solar - Adenda
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169376695
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - ESTUDIO DE FAUNA
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169421233
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - SOLARIA EUROPEAN PV GREEN LOAN - Estudio d’impacte ambiental - Circinus - Natura 2000
    Publication Date
    9 Dec 2023
    Document language
    Main Topic
    Lending
    Document Number
    169429904
    Document Focus
    Environmental Information
    Project Number
    20220763
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Link to source

    News & Stories

    Other links

    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.

    Related publications