EIB and Naturgy Partner for €1bn Renewable Energy Projects in Spain

Major Investment to Boost Spain’s Clean Energy Transition
The European Investment Bank (EIB) and Spanish energy company Naturgy have signed a €1bn loan agreement to advance renewable energy projects in Spain. The deal aims to accelerate the country’s transition to cleaner energy by financing the development of new solar and onshore wind power stations, as well as modernizing and transforming existing energy sites into hybrid facilities. This partnership is expected to significantly contribute to Spain’s renewable energy capacity, helping the country meet its sustainability goals.

€1bn Loan to Fund Solar, Wind, and Energy Storage Expansion
The loan agreement, which includes an initial €400 million tranche formalized in Madrid, will support a variety of renewable energy projects. Key elements of the investment include the construction of new solar and wind power plants, as well as the integration of battery storage systems to enhance the reliability of renewable energy sources. The total commitment will add 2.3 gigawatts (GW) of renewable energy capacity to Spain’s grid. Once fully operational, these projects will produce enough green electricity to power more than 1.15 million households annually, contributing to a cleaner and more sustainable energy future for the country.

Job Creation and Regional Impact
A significant portion of the funding will be directed to cohesion regions in Spain, areas where per capita income is below the European Union (EU) average. This focus is expected to boost local economies and provide around 4,200 jobs during the projects’ implementation phases. Francisco Reynés, executive chairman of Naturgy, emphasized that the agreement demonstrates the company’s commitment to driving Spain’s energy transition and decarbonizing the economy. This will not only strengthen Spain’s energy infrastructure but also support the EU’s broader sustainability objectives.

Aligning with EU’s Energy Strategy and Energy Security Goals
This initiative aligns with the European Investment Bank’s action plan under the REPowerEU strategy, which is focused on enhancing energy security and accelerating the transition to renewable energy across Europe. The EIB has previously committed €21bn to energy security projects throughout the EU, with €4.51bn allocated to Spain in 2023 to fund renewable energy, energy efficiency improvements, and power grid enhancements. EIB Director General Jean-Christophe Laloux highlighted that the agreement with Naturgy is part of the bank’s long-term commitment to supporting Europe’s energy transition and improving the continent’s energy independence and security.