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Iberdrola signs financing deal for largest photovoltaic power plant under construction in Europe

Christian Fernsby |
The European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) will finance development of the Núñez de Balboa photovoltaic power plant, which Iberdrola is currently building in Extremadura.

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The facility covers a surface area of close to 1000 hectares and will provide a total output power of 500 MW, making it the largest photovoltaic power plant under construction in Europe.

It will be able to supply clean energy to 250,000 people, more than the population of the cities of Cáceres and Badajoz, and it will avoid the emission of 215,000 tonnes of CO2 into the environment every year.

This green financing agreement was signed in Madrid by EIB Vice-President Emma Navarro, ICO President José Carlos García de Quevedo and Iberdrola President Ignacio Galán.

The EU bank will provide EUR 145m and ICO will provide up to EUR 140m for the company’s new renewable energy project, the total investment for which will reach EUR 290m.

Núñez de Balboa is located between the municipalities of Usagre, Hinojosa del Valle and Bienvenida in Badajoz province.

It is scheduled to come on line in 2020, and the construction phase will create more than 1000 jobs.

The project also includes development of all of the infrastructure required to transmit the energy generated to the electricity distribution network.

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