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    Reference: 20200916
    Release date: 11 June 2021

    Promoter – Financial Intermediary




    The operation is a framework loan to finance the deployment across Spain of Endesa's renewable energy generation assets over the 2021-2023 period (solar photovoltaic (PV), wind onshore and potentially batteries).

    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 also contributes to Bank's lending priority objectives on Renewable Energy as well as on climate action, environmental sustainability and on economic and social cohesion. The project produces electricity from low carbon sources (solar PV and on-shore wind), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). As the schemes are expected to rely (at least partially) on revenues from the market (the wholesale market and/or unsubsidized commercial Power Purchase Agreements), and potentially revenues from market-based public support (Contracts for Difference), 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. Thus the operation is expected to yield good quality and results, thanks to avoided GHG emissions and fair employment creation. The EIB's contribution will be most visible on the financial contribution side by accelerating the fundraising process and crowding in other financiers. The schemes are expected to be located mostly in EIB Cohesion Priority regions.


    The operation is proposed to be structured as a framework loan aimed at financing part of Endesa's ambitious renewable energy investment programme in Spain throughout the period 2021-2023. The pipeline of plants to be included under this operation will be a mixture of wind and solar-photovoltaic power plants.


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

    Proposed EIB finance (Approximate amount)

    EUR 700 million

    Total cost (Approximate amount)

    EUR 1400 million

    Environmental aspects

    Endesa will be requested to comply with applicable national and EU legislation.


    Endesa will be requested to comply with applicable national and EU legislation.


    Signed - 11/11/2021


    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).

    Related tags

    Spain Energy