CAPARACENA ALLOCATION REPOWEREU FL

Promoter – Financial Intermediary

IBERDROLA SA

Location

• Spain

Description

Financing of the Caparacena (330MWp) and Tagus (330MWp) solar photovoltaic projects and the El Escudo on-shore wind farm (151MW). Second allocation under the framework loan (FL) IBERDROLA REPOWEREU FRAMEWORK LOAN (2022-0896).

Objectives

The aim is to contribute to achieve the EU-wide target of reaching 42.5% of energy from renewable sources in gross final energy consumption by 2030, as set out in the current EU Renewable Energy (Directive EU/2018/2001 revised by EU/2023/2413). It also contributes towards the renewable energy targets as laid out in the Spain's National Energy and Climate Plan (NECP). The operation is in line with both the EIB's cohesion objectives and with the lending priority related to renewable energy and climate action.

Sector(s)

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

Proposed EIB finance (Approximate amount)

EUR 409 million

Total cost (Approximate amount)

EUR 818 million

Environmental aspects

The schemes and most of their ancillary infrastructure fall under Annex II of the EIA Directive 2011/92/EU as amended by Directive 2014/52/EU. All the schemes underwent an environmental impact assessment (EIA) process including public consultation. The plants and associated infrastructure obtained their environmental permits (Declaración de Impacto Ambiental - DIA) between May 2021 and January 2023.

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 project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation, then the Bank would require the promoter to apply those rules.

Status

Under appraisal