Billion euro boost for green energy in Spain from European Investment Bank [Video]

THE European Investment Bank (EIB) has agreed to lend Spanish utility giant Naturgy a whopping €1 billion to ramp up renewable power generation by 2.3GW – enough to electrify over a million homes.

The cash injection will help Naturgy build new onshore solar and wind farms, upgrade existing sites, and install energy storage batteries. The first €400 million chunk of the loan was confirmed on November 29.

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The project promises to create 4,200 jobs in rural, depopulated areas of Spain, often referred to as ’empty Spain’. Naturgy’s executive chairman, Francisco Reynés, said the initiative would strengthen territorial cohesion and help rejuvenate struggling regions.

Naturgy’s green push is a key part of Spain’s effort to meet ambitious renewable energy goals, all while providing much-needed jobs to areas hit hard by economic decline.

Naturgy currently has more than 6.6 GW of capacity in operation all around the world. This figure will continue, …