EIB Boosts Repsol’s Green Vision with €575 Million Loan for Spanish Renewables

EIB Boosts Repsol’s Green Vision with €575 Million Loan for Spanish Renewables. On the photo: El Vicepresidente del BEI Ricardo Mourinho y el Consejero Delega

(IN BRIEF) The European Investment Bank (EIB) has approved a €575 million loan to support Repsol’s wind and solar PV projects in Spain, with a total capacity of 1.1 GW. The first tranche of €400 million will accelerate the energy transition and reduce greenhouse gas emissions. The renewable facilities aim to power 645,000 Spanish households annually and contribute to Repsol’s target of 20 GW installed renewables capacity by 2030 and zero net emissions by 2050. The EIB’s support reaffirms Repsol’s commitment to decarbonization and sustainable energy initiatives.

(PRESS RELEASE) MADRID, 25-Jul-2023 — /EuropaWire/ — The European Investment Bank (EIB) has granted a €575 million loan to Repsol to support its rollout of wind and solar PV plants in Spain, with a total capacity of 1.1 GW. The first tranche of the loan, amounting to €400 million, was signed recently. The renewable energy facilities are expected to be operational by the end of 2025.

Repsol’s renewable projects will generate electricity equivalent to the annual average consumption of approximately 645,000 Spanish households and will help reduce greenhouse gas emissions by over 800,000 tons of CO2 per year. Moreover, over 35% of the installed capacity will be in cohesion regions, supporting the EIB’s commitment to economic and social cohesion.

The financing supports Repsol’s ambitious goal of reaching 20 GW of installed renewables capacity by 2030 and achieving zero net emissions by 2050. The EIB’s involvement further endorses Repsol’s decarbonization strategy, following a previous €120 million loan for the construction of the first advanced biofuels production plant in Cartagena.

Repsol’s roadmap aligns with the Paris Agreement and United Nations Sustainable Development Goals, and it has already achieved a global portfolio of 1.9 GW renewable energy projects. The company is the first in its sector committed to achieving net zero emissions by 2050, with intermediate Carbon Intensity Indicator reduction targets.

In 2022, the EIB Group committed over €17 billion for the energy transition in Europe, with Spain receiving a record €3.1 billion for sustainable energy projects. The EIB continues to support REPowerEU, designed to end Europe’s dependence on fossil fuel imports, with additional funding raised to €45 billion.

The loan reflects the EIB’s dedication to ensuring access to sustainable energy and boosting financing for EU manufacturing in state-of-the-art strategic net-zero technologies and the recycling of critical raw materials. The investment is expected to mobilize more than €150 billion in targeted sectors by 2027.

About the European Investment Bank (EIB)
The EIB is the long-term lending institution of the European Union owned by its Member States, financing sound investments contributing to EU policy goals. In Spain, the EIB Group signed €9.9 billion in new financing last year, with record support for climate action and environmental sustainability projects.

About Repsol
Repsol is a global multi-energy company leading the energy transition with a goal of achieving zero net emissions by 2050. It operates throughout the energy value chain, employs 24,000 people, and serves 24 million customers in over 90 countries. Repsol’s decarbonization strategy integrates all technologies for achieving net zero emissions, focusing on renewable electricity generation, renewable fuels production, circular economy, and innovative projects to reduce the industry’s carbon footprint.

Media contacts:

Repsol Communication and Brand Division
prensa@repsol.com
www.repsol.com
Tel. +34 91 753 87 87

EIB
Maite Cordero
m.corderomunoz@eib.org
tel.: +34 606 66 82 62

José Vicente Alzola
j.alzola@ext.eib.org
tel.: +34 608 14 39 03

Website: www.eib.org/press
Press Office: +352 4379 21000
press@eib.org

SOURCE: REPSOL