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Signature(s)

Amount
€ 129,128,447.79
Countries
Sector(s)
Spain : € 129,128,447.79
Energy : € 129,128,447.79
Signature date(s)
20/12/2024 : € 434,508.78
15/11/2024 : € 1,256,006
20/12/2024 : € 2,212,933.01
19/12/2024 : € 5,000,000
20/12/2024 : € 8,475,000
12/12/2024 : € 20,000,000
15/11/2024 : € 23,550,000
19/12/2024 : € 25,000,000
20/12/2024 : € 43,200,000
Link to source
Other links
Summary sheet

Summary sheet

Release date
1 July 2024
Status
Reference
Signed | 15/11/2024
20240340
Project name
Promoter - financial intermediary
BETICA PV PORTFOLIO
EVERWOOD CAPITAL SGEIC SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 148 million
EUR 346 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The project will finance 5 utility-scale solar photovoltaic (PV) plants with a total capacity of 450MWp to be located in the provinces of Cordoba and Seville (Andalusia region).

The aim is to contribute towards the national and EU energy and climate goals, namely helping to decarbonise the electricity production and decrease the reliance on fossil fuels. The PV plants will be implemented in areas classified as EIB Cohesion Priority Regions, thus supporting regional development.

Additionality and Impact

The project is in line with the InvestEU objective of the development of the energy sector in accordance with the Energy Union priorities. It concerns the development and operation of 5 PV farms in Spain, with a total capacity of 450MW.


The project increases the 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 purely on revenues from the market (the wholesale market), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity pricing and lack of locational pricing), it improves market efficiency and competition. The PV plants are located in EIB Cohesion Priority regions. Therefore, the project is expected to yield excellent quality and results due to excellent rated, broader social benefits and fair employment creation.


Considering that the project will operate on a purely merchant basis in a context of price volatility and decreasing solar capture prices in the Spanish market, the project entails high financial-rate-of-return risk. EIB's presence has a strong signalling and catalytic effect in this respect.


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 Bank's contribution on the financial contribution side accelerates the funding of the project and helps crowding in other financiers. The Bank will provide a meaningful part of the overall financing needs of the project through a senior debt facility of up to 9 years aimed at getting the assets built and in operation. This type of loan with a balloon 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. Currently, most commercial banks are still reluctant to offer such type of financing in Spain. The Bank provides expertise in structuring and lending to renewable energy projects, applying standard and well tested project finance principles in other recent transactions. This will improve the structuring of the operation through close co-operation with the promoter and the commercial lenders. The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.

Environmental aspects
Procurement

The PV plants and part of the ancillary infrastructure fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by the Directive 2014/52/EU). The project scope also includes overhead transmission lines -for the connection of the plants to the electricity grid falling under Annex I due to their technical characteristics, thus subject to an EIA process. Compliance with applicable EU Directives, in particular concerning cumulative impacts and potential impacts on nature conservation sites, will be further assessed during the appraisal.

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.

Milestone
Under appraisal
Approved
Signed
20 September 2024
15 November 2024
Related documents
Related projects
Link to source
Summary sheet
Other links

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) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 2 - Estudio de Impacto Ambiental
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228117393
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 2 - Informe Preliminar de Suelos
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228120272
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 1 - Estudio de Impacto Ambiental
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228115342
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 2 - Estudio Acústico
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228120271
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 2 - Estudio de Sinergias
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228126536
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 3 - Estudio de Sinergias
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228144151
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 1 - Memoria Actuación
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228126524
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 1 - Estudio Acústico
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228122341
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 3 - Estudio de Impacto Ambiental
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228159573
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 3 - Estudio Acústico
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228134454
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Planta Solar Fotovoltaica Carmona 3 - Informe Preliminar de Suelos
Publication Date
11 Sep 2024
Document language
Main Topic
Lending
Document Number
228169065
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental del set el canto 30/220kv y la línea de evacuación en 220 kv de Parques Solares Carmona 1,2 y 3 - ANEXOS
Publication Date
12 Sep 2024
Document language
Main Topic
Lending
Document Number
228404655
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental del set el canto 30/220kv y la línea de evacuación en 220 kv de Parques Solares Carmona 1,2 y 3
Publication Date
12 Sep 2024
Document language
Main Topic
Lending
Document Number
228216484
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental - Proyecto Solar Fotovoltaico 'Cabra'
Publication Date
12 Sep 2024
Document language
Main Topic
Lending
Document Number
228587590
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Proyecto de Ejecución para instalación solar fotovoltaica 'Cabra'
Publication Date
12 Sep 2024
Document language
Main Topic
Lending
Document Number
228602958
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Proyecto Solar Fotovoltaico 'Cabra' - Memoria vías pecuarias
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228451613
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental & anexos - subestación transformadora set Carmona 220/400 kv y línea de evacuación en 400 kv de Promotores Nudo Carmona 400
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228496526
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Proyecto de desmantelamiento de Instalación Solar Fotovoltaica de 'Cabra'
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228617653
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio Específico de Afecciones a Red Natura 2000 - Proyecto Solar Fotovoltaico 'Cabra
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228657956
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO´- Estudio de Impacto Ambiental de subestación y línea 220 kv Promotores Nuno Carmona 220 kv y 400 kv
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228472730
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental de subestación transformadora set carmona 220/400kv y línea de evacuación en 400 kv de Promotores Nuno Carmona 400
Publication Date
12 Sep 2024
Document language
Main Topic
Lending
Document Number
228432497
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Proyecto Solar Fotovoltaico 'Cabra' - Estudio para la evaluación del impacto paisajístico y visual
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228470341
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental set y de la línea 220 kv Promotores Nuno Carmona 220 kv y 400 kv - Planos
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228451534
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Estudio de Impacto Ambiental & anexos - subestación y línea 220 kv Promotores Nuno Carmona 220 kv y 400 kv
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228509430
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Proyecto Solar Fotovoltaico 'Cabra' - Memoria de cálculo campos magnéticos
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228445567
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Subestación 'Cabra' - Memoria Vías Pecuarias
Publication Date
14 Sep 2024
Document language
Main Topic
Lending
Document Number
228836732
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Subestación 'Cabra' - Programa de Prevención, Protección, Restauración y Compensación Forestal
Publication Date
14 Sep 2024
Document language
Main Topic
Lending
Document Number
228846880
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - BETICA PV PORTFOLIO - Resument no Tecnico - Solar Fotovoltaica de 'Cabra'
Publication Date
13 Sep 2024
Document language
Main Topic
Lending
Document Number
228678687
Document Focus
Environmental Information
Project Number
20240340
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Data Sheet (ESDS) - BETICA PV PORTFOLIO
Publication Date
18 Oct 2024
Document language
Main Topic
Lending
Document Number
218894422
Document Focus
Environmental Information
Project Number
20240340
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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