€1.7 Billion From InvestEU For Photovoltaics In Italy, Spain, And Portugal

The European Investment Bank will allocate €1.7 billion to build 120 photovoltaic power plants in Spain, Italy, and Portugal. The funding will be transferred to Solaria, a company based in Madrid, which will take care of implementing the project on the ground.

This funding is part of the InvestEU program, which plans to install a total capacity of about 5.6 GW to generate 9.29 TWh per year. This operation, which implies commissioning of the plants by 2028, aims to contribute to achieving the goals of the European Green Deal. Once completed, the project will be able to meet the annual electricity demand of 2.5 million households by reducing CO₂ emissions approximately by 3 million tons per year.

When selecting locations for installing these panels, preference will be given to less developed regions, where approximately 1/3 of the panels will be deployed. Overall, the construction phase is expected to create 11,100 jobs per year.

“This important operation is an excellent demonstration of InvestEU’s ability to significantly support Europe’s transition to climate neutrality and energy independence,” explained Paolo Gentiloni, European Commissioner in charge of the economy. “It will allocate up to 1.7 billion euros to finance new photovoltaic power plants in Spain, Italy, and Portugal. This is good news for both the climate and our economy: it will not only help provide clean energy to millions of families, but will also create thousands of construction jobs in affected regions.”

The InvestEU program provides the European Union with long-term financing through public and private funds to support the Union’s strategic priorities.