EIB and Matrix Renewables Sign €50M Green Loan for Solar Projects in Spain

Matrix Renewables, an Independent Power Producer (IPP) backed by TPG Rise, will use the financing to support the design, construction, and operation of these solar projects.

The European Investment Bank (EIB) has partnered with Matrix Renewables to provide a €50 million green loan aimed at supporting the development of five solar photovoltaic plants in Spain. These plants, with a combined capacity of 240 MW, will be located in the regions of Castilla y León and Extremadura.

Matrix Renewables, an Independent Power Producer (IPP) backed by TPG Rise, will use the financing to support the design, construction, and operation of these solar projects. The loan is part of the EIB's broader commitment to green investment, aligning with its goal of supporting €1 trillion in climate action and sustainability by 2030.

EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo emphasized the importance of the project, stating, “With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity. We are also delighted to support Independent Power Producers in their development and deployment efforts, fundamental to accelerating renewable generation investments.”

The solar plants will be situated in cohesion regions, where per capita income is below the EU average, reflecting the EIB’s commitment to fostering economic growth and regional convergence. The plants are expected to be operational by the end of 2025, contributing to the European Green Deal's decarbonization objectives and supporting the REPowerEU plan to reduce dependency on fossil fuels.

Matrix Renewables CFO Nicolás Navas expressed enthusiasm about the partnership, noting, “We are thrilled to partner with the EIB in this significant project that not only advances our mission of sustainable energy development but also contributes to Spain's and Europe's broader energy transition goals. This project highlights Matrix’s commitment to innovation and sustainability.”

The project is also supported by InvestEU, the EU’s flagship program designed to mobilize over €372 billion in additional investment from both public and private sectors to achieve EU policy goals between 2021 and 2027.

In 2023, the EIB Group provided more than €21 billion in financing for energy security in Europe, including €4.5 billion for projects in Spain focused on renewable energy, energy efficiency, power grids, and storage systems. The EIB's commitment to the REPowerEU plan was strengthened in July 2023 with an increase in funding to €45 billion, aiming to bolster Europe's transition to sustainable energy and reduce fossil fuel dependency.

The additional financing under the REPowerEU plan will support investments in strategic technologies with net-zero carbon emissions and the extraction, processing, and recycling of critical raw materials, with a total expected mobilization of over €150 billion by 2027.