Release date: 4 March 2024
Promoter – Financial Intermediary
REOLUM RENOVABLES SL.Location
Description
The project consists in the design, construction and operation of an integrated facility consisting of a 50 MW biomass cogeneration plant, carbon capture, green hydrogen production and green e-methanol plant (100kt production) in La Robla, Castilla y Leon.
Objectives
The industrial cluster specifically aims to replace fossil fuels to decarbonise the energy and maritime transport sector, in line with the targets of the EU Directive 2023/2413 (Renewable Energy Directive-REDIII) as well as the FuelEU Maritime initiative. This renewable energy project supports the EIB's climate action and environmental sustainability objectives and the broader EU decarbonisation policy contributing to the EU Green Deal and Fit for 55 package (targeting to reduce greenhouse gas emission of 55% by 2030), as well as the achievement of climate neutrality by 2050 through alternative energy sources. The plant also contributes to the REPowerEU objectives by enhancing the EU capacity of producing clean energy, such as e-methanol. This will lead to reduce the dependency on fuel imports and thereby supports energy security.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 190 million
Total cost (Approximate amount)
EUR 893 million
Environmental aspects
The project will be appraised and monitored in line with the EIB's policies, including the Environmental and Social Sustainability Framework. Compliance with the Environmental Impact Assessment (EIA) Directive 2014/52/EU, amending Directive 2011/92/EU with the Industrial Emissions Directive 2010/75/EU and with the Renewable Energy Directive (EU) 2023/2413, amending Directive (EU) 2018/2001 will be verified during the appraisal.
Procurement
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 rpoject appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the European Commission will be duly informed, requiring the promoter to apply those rules.
Status
Under appraisal - 29/01/2024
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).