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    Reference: 20200100
    Release date: 22 July 2020

    Promoter – Financial Intermediary

    CORONA BOREALIS FOTOVOLTAICA SLU

    Location

    Description

    Construction and operation of 5 solar photovoltaic plants with an installed capacity of 252 MWp located in the Spanish regions of Castilla y Leon and Castilla-La Mancha.

    Objectives

    The operation will contribute to EU climate and energy objectives. In particular, it supports the EU-wide target of reaching 32% of energy from renewable sources in gross final energy consumption by 2030, as set out in the Renewable Energy (RE) Directive (EU 2018/2001). It also contributes to the national renewable energy targets as laid out in Spain's National Energy and Climate Plan (NECP). The financing of this project is in line with the Bank's priority energy lending related to renewable energy and climate action. In addition, part of the project is located in the Spanish region of Castilla-La Mancha, considered a convergence region under the current cohesion policy criteria.

    Sector(s)

    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 123 million

    Total cost (Approximate amount)

    EUR 157 million

    Environmental aspects

    The plants and their ancillary infrastructure fall within Annex II of the EIA Directive 2014/52/EU amending the EIA Directive 2011/92/EC (the transmission lines being 132 kV maximum). The Promoter prepared an environmental impact assessment (EIA) study for each power plant and its ancillary infrastructure and submitted them to the competent authorities. All the plants have been screened by the authorities, and are undergoing mandatory EIA process according to local legislation. The Promoter expects to obtain the permits in Q2 2020. The authorisation procedure and compliance with the relevant EU directives, specifically Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively), will be assessed at appraisal, in particular the potential cumulative impacts assessment and the impacts on protected flora and fauna, including Natura 2000 sites.

    Procurement

    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 after the project appraisal, the EIB were to conclude that the Promoter is after all subject to EU public procurement legislation then the Bank would duly inform the Commission Services and would require the Promoter to apply those rules.

    Status

    Signed - 23/07/2021

    Disclaimer

    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).

    Related tags

    Spain Energy