Solaria has obtained €1.7 billion in framework financing from the European Investment Bank (EIB), to support the construction of 120 solar power plants covering Spain, Italy and Portugal. The framework agreement has a long-term project finance structure, which comprises several loans provided by financial institutions.
Furthermore, the solar power plants, with a combined capacity of 5.6 GW, are anticipated to start operating by the end of 2028. The projects are being supported by the EIB as part of its InvestEU program, which aims to invest €372 billion between 2021 and 2027. The pipeline is located in Spain (4.85 GW), Italy (382 MW) and Portugal (375 MW).
In August 2023, European Energy aimed to set up a 65 MW solar project in the municipality of Anyksciai, Lithuania. The new facility was anticipated to go into operation in the fourth quarter, 2023. The project covered more than 120 acres, with more than 140,000 solar panels, and produced 90,000 MWh yearly. It was anticipated that the project will meet the power requirements of nearly 24,000 homes.
REGlobal’s Views: Solaria previously received funding from EIB for its 736 MW of solar projects in Spain in February 2022. This second round of loans from EIB, and that too for such a large capacity, will significantly help Solaria to quickly expand its portfolio and achieve its target of 6.2 GW by 2025.
