Read More: EIB Investment for Green Recovery in Spain
On June 26, 2020, the European Investment Bank (EIB), the long-term lending institution of the European Union owned by its member states, announced to invest EUR 43.5 million to finance four 50-megawatt peak (MWp) solar photovoltaic (PV) plants in Andalusia, Spain. These plants are also called the Cabrera Solar Project. Emma Navarro, EIB Vice President responsible for climate action and EIB operations in Spain, emphasizes that the bank is “committed to investing in green recovery in Europe, building sustainable infrastructure while spurring the creation of green jobs.”
The project is expected to provide renewable energy to 145,000 people, create 360 jobs during the implementation phase, and reduce greenhouse gas emissions by more than 300 metric kilotons CO2-equivalent per year. Moving ahead with investing in and implementing shovel-ready sustainable infrastructure projects, such as the Cabrera Solar Project, is a key element for realizing a sustainable recovery in Spain and other economies. Sustainable infrastructure projects that have been designed and prepared prior to the COVID-19 lockdown can now help to reactivate the economy and create jobs while contributing to the achievement of national climate change mitigation and renewable energy targets.