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    Référence: 20220763
    Date de publication: 21 mars 2023

    Promoteur – Intermédiaire Financier




    The project will finance a photovoltaic (PV) portfolio developed by Solaria with a total expected capacity of up to 5.6 GW. The pipeline is located in Spain (4.85 GW), Italy (382 MW) and Portugal (375 MW).

    Additionality and Impact

    The Project consists in the financing of a portfolio of solar photovoltaic plants in Spain, Italy and Portugal, with a total capacity of about 5.6 GW.

    The project produces electricity from sustainable low carbon sources (solar PV) in three different countries (Italy, Portugal and Spain) and addresses the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution. The project supports EU Renewable Energy objectives and supports Italy, Portugal and Spain in meeting their commitments with respect to renewable energy targets and greenhouse gas emission reductions set out in their Integrated National Energy and Climate Plan. Ca. 35% of total installed capacity of the PV portfolio will be built in cohesion regions.

    The programme is eligible under InvestEU as it supports the development of the energy sector in accordance with the Energy Union priorities, including security of energy supply, clean energy transition and the commitments taken under the 2030 Agenda for Sustainable Development and the Paris Agreement, in particular through the expansion of the generation, supply or use of clean and sustainable renewable and safe and sustainable other zero and low-emission energy sources and solutions.

    The projects portfolio will not rely on any renewable energy supporting schemes, though it may partially rely on Power Purchase Agreements. Possibly, the plants portfolio will be exposed to merchant risks. The project thereby contributes to the policy objective of supporting market integration of renewable energy projects. 

    The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on Climate Action (transversal) and economic and social Cohesion (transversal).

    The Bank will provide a meaningful part of the overall financing needs for this important Project through a construction facility of between 7-9 years aimed at getting the assets built and in operation. This type of loan with a bullet payment at the end of the tenor, with full merchant risk has been implemented on a Project Finance basis only in very limited number of transactions and with a shorter legal maturity to the one presented for this transaction. Currently, most commercial banks are still reluctant to offer such type of financing.

    EIB is also alternatively offering the possibility to support the Project through a long-term structure on a PF basis, for the Projects where the Promoter is able to secure adequate Power Purchase Agreements before securing the financing.

    This approach gives the Promoter the necessary flexibility to roll out its sizable portfolio of assets within a quite short time horizon given that the initial formalisation of the Bridge Financings is much quicker than the execution of a long-term Project Finance transaction, and does not require the signature of a Power Purchase Agreement at financial close.

    Solaria attaches great value added to the signalling effect provided by the EIB, as a reference financier with the strictest standards in terms of sustainability and environmental protection. Accordingly, Solaria deems EIB financing with a "Green Loan" label as a stamp of quality on its investments and environment-related procedures, which contributes to attract investors and co-financiers.

    The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.


    Renewable power plants contribute to progress on the national and EU energy and climate goals, namely decarbonise electricity production in the EU and decrease the reliance on fossil fuels. The project is therefore eligible under Article 309 point (c) common interest. Certain regions where the portfolio of plants will be developed are classified as EIB Cohesion Priority Regions. Should plants in the project be located in such regions, then parts of the project would also be eligible under Article 309 point (a) projects for developing less-developed regions. The investment programme is expected to be economically justified, as it will generate economic benefits, notably in terms of climate action by stepping up investments in renewable energy, creation of economic activity, as well as CO2 emission reductions.


    • Énergie - Production et distribution d'électricité, de gaz, de vapeur et d'air conditionné

    Montant BEI envisagé (montant approximatif)

    EUR 1700 million

    Coût total (montant approximatif)

    EUR 5044 million

    Aspects environnementaux

    This investment programme will generate environmental benefits by supporting ground based solar PV projects that help mitigate climate change. The individual plants and most of the ancillary infrastructure fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by the Directive 2014/52/EU). Overhead transmission lines for the interconnection of the schemes to the grid, if falling under the Annex I due to their technical characteristics, will be expected to be subject in all cases to an EIA process. The individual projects are at various stages of permitting at this stage. The EIB will assess the capacity and capability of the promoter to implement the programme, in line with the EIB's environmental and social standards (E&S) and requirements. Moreover, given that China largely dominates the PV market and that media report that supply chain of these products would involve forced labour, an enhanced due diligence on the topic will be carried out. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate change mitigation and pollution prevention and control.

    Passation des marchés

    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 EIB Bank would duly inform the European Commission Services and would require the promoter to apply those rules.


    Signé - 21/09/2023

    À l'examen
    12 juillet 2023
    21 septembre 2023

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Espagne Italie Portugal Énergie