The European Investment Bank has provided a loan of US $637 million to Spanish oil giant Repsol to launch 1.1GW of renewable energy in Spain. The total financing amount signed on July 25th is 400 million euros, which is the first part of the approved loan amount and will support the Spanish oil giant's goal of reaching 20GW of renewable energy installed capacity by 2030.

The project is expected to be put into operation by the end of 2025, and 35% of the projects are located in areas where the per capita income is lower than 75% of the average level of the EU, to meet the commitment of the European Investment Bank to economic and social cohesion.

The two entities signed a loan worth 120 million euros in December 2022 for the construction and operation of the first advanced biofuel production plant in southeast Murcia, Spain.

The majority of Repsol's renewable energy installed capacity is located in Spain, with a global renewable energy portfolio of 1.9GW. The company has a project portfolio at different stages of development in the United States and Chile. The company provided impetus for the first phase of the 595MW solar photovoltaic project in May, while Portugal and Italy aim to develop 825MW of solar photovoltaic.

Through this loan, Repsol joined the ranks of Spanish utility companies Iberdrola and Endesa, and obtained loans of 1 billion euros and 500 million euros from the European Investment Bank to finance the development of renewable energy projects in Spain and Europe. In 2022, the European Investment Bank promised to provide more than 17 billion euros for Europe's energy transformation. Spain received 3.1 billion euros, the second largest beneficiary in Europe.

On the basis of the 30 billion euro fund announced in November 2022, the European Investment Bank increased the fund for REPowerEU earlier this month by 15 billion euros.Editor/XingWentao