The European Investment Bank (EIB) and Spanish energy company Naturgy signed a 鈧�1 billion deal to fund development of new solar and onshore wind power plants, as well as to modernize and transform existing sites into hybrid renewable energy facilities in Spain, the bank announced on Friday.
This investment will add 2.3 gigawatts of renewable energy capacity to Spain, supporting the country's energy transition, the EIB said in a statement.
Once complete, the project is estimated to generate enough green energy to power over 1.15 million homes annually.
EIB Director General and Head of EU Lending and Advisory Jean-Christophe Laloux said this deal "reflects the EIB's strong commitment to supporting Europe's energy transition."
Executive Chairman of Naturgy Francisco Reynes said that the deal "demonstrates and validates our commitment to the energy transition and to advancing the decarbonization of the Spanish economy."
By Handan Kazanci
Anadolu Agency
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