Summary sheet
Financing of a photovoltaic project in the Spanish airport of Madrid Barajas (142MWp). This is an allocation under the framework loan (FL) AENA COVID-19 GREEN ENERGY LOAN FL (2020-0212).
This project will contribute to the achievement of both national and EU energy and decarbonisation objectives, and increase self-sufficiency and sustainability of airport operations. The financing of this project would contribute to the EIB's lending policy on renewable energy and climate action.
The Project increases renewable energy generation capacity in Spain and contributes to national and EU 2030 climate objectives and REPowerEU Action Plan. The proposed Project contributes to the EIB Group's 2024-2027 Strategic Roadmap, and specifically to Energy (100%), Climate Action and Environmental Sustainability (100%, including 100% of mitigation).
The financing of this Project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on Climate Action (mitigation) and Environmental Sustainability (Pollution Prevention Control). The Project produces electricity from low carbon sources (solar PV), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). It is expected to yield very good quality and results due to avoided greenhouse gas emissions, excellent rated broader social benefits, fair employment creation and an adequate governance system. The EIB provides an important financial contribution as it provides a financing benefit, longer tenor and customised terms to the borrower. Finally, the non-financial contribution rests primarily on a signalling effect to the banking system with regards to supporting renewable investments at advantageous terms.
Due to its technical characteristics, the photovoltaic (PV) plants fall under EIA Directive 2011/92/EU as amended by the Directive 2014/52/EU, requiring the competent authorities to determine whether an Environmental Impact Assessment (EIA) is required. The PV plant, including its grid connection infrastructure was initially subject to an ordinary EIA process. Subsequently, Spanish Real Decreto-ley 6/2022 was adopted, introducing measures to streamline renewable energy projects amidst the energy crisis related to the Ukraine war. The project met the criteria outlined in Article 6 of this regulation, requiring the project to transition to a simplified environmental assessment procedure and requiring the preparation of an Executive Summary quantifying the project's environmental impacts. Finally, based on the promoter's provided documentation, the competent authority issued a favourable opinion, concluding the environmental permitting process. The project site does not overlap with any protected areas, and no direct or indirect impacts are expected. The closest Natura 2000 site to the Project is SAC "Cuencas de los ríos Jarama y Henares" (ES3110001) at 410 m.
The promoter is a public undertaking, subject to EU procurement directives. The promoter has confirmed that contracts for the implementation of the project have been and will be tendered in accordance with the relevant applicable EU procurement legislation, Directive 2014/23/EU / 2014/24/EU / 2014/25/EU, where applicable, as well as Directive 92/13/EEC or Directive 89/665/EEC, as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required. According to the promoter, the implementation of the project, including procurement of the main components, has been awarded to contractor Construcciones San José. Solar PV modules will be supplied by Trina Solar.