EIB and IM2 Energía Solar partner to help meet EU's climate objectives

The 15 new photovoltaic power plants will have a total capacity of 218 MW and will be located in four autonomous communities: Extremadura, Andalusia, the Valencia Region, and Murcia.

The European Investment Bank (EIB) and Spanish multinational IM2 Energía Solar signed an agreement today in Madrid to promote the development of renewable energy in Spain and help meet the EU's climate objectives. The EIB is set to provide EUR 26m to support the Solar Storm 200 project, which includes the construction of 15 solar photovoltaic power plants in Spain. The agreement was signed today at the EU bank's COP25 stand by EIB Vice-President Emma Navarro and IM2 Energía Solar CEO Enrique Selva and is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe (the Juncker Plan).

The 15 new photovoltaic power plants will have a total capacity of 218 MW and will be located in four autonomous communities: Extremadura, Andalusia, the Valencia Region, and Murcia. Their installation will prevent the release of 116 000 tonnes of CO2 a year, 400 people will be employed for their construction and a further 20 permanent jobs will be created.

The operation has an innovative structure that will see the EU bank investing in a platform for developing renewable energy projects for the first time. This agreement will make the EIB an equity partner of Solar Storm 200, the sustainable investment vehicle via which IM2 has planned the development and construction of this infrastructure in Spain. This is a flagship project for IM2, a company with 16 years of experience in the photovoltaic sector with offices in Spain and Chile, and that works with both investment projects and high-power industrial self-consumption projects.

During the signing ceremony at COP25, EIB Vice-President Emma Navarro, who is responsible for the Bank's climate action and its business in Spain, said: "It is a pleasure to be at the Climate Change Conference supporting projects such as this that will help cut CO2 emissions and increase the amount of renewable energy generated in Spain. Our country has great potential for producing this kind of energy and the EIB wants to help take advantage of this. As the EU climate bank, the EIB is working to ensure that Europe leads the response to the climate emergency."

European Commission Executive Vice-President for an Economy that Works for People Valdis Dombrovskis added: "Investing in renewable energy is key to meeting the objectives of the Paris Climate Agreement and to achieving climate neutrality by 2050. I'm delighted to be in Madrid for the COP25, where the European Investment Bank is signing an agreement under the Investment Plan for Europe covering the construction of 15 new solar power plants in Spain. This agreement will not only provide new sources of clean energy but will also create jobs at the same time."

According to IM2 Energía Solar CEO Enrique Selva, "the Spanish photovoltaic power sector is growing exponentially and Solar Storm is a major opportunity to invest in clean energy, in a project combining sustainability and long-term profitability. We have the opportunity to take advantage of Spain's high levels of sunshine (the highest in Europe) and highly cost-effective technology to generate energy that can compete economically with other technologies."

This agreement will enable Solar Storm to be launched as the investment platform of Umbrella Capital – IM2 Energía Solar's holding company – with an Independent Power Producer (IPP) focus and becoming a renewable power producer. In addition to the EIB investment, Solar Storm 200 is backed by the commercial banking sector via project finance.