EIB, CaixaBank to finance renewables, climate action projects

Wind park in Abla, Spain. Author: JJ Merelo. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 11 (Renewables Now) - The European Investment Bank (EIB) and Spain’s CaixaBank SA (BME:CABK) have signed an agreement that seeks to facilitate financing of investments in climate action-focused projects, the EU lender said Monday.

The EIB-backed climate action programme will allow Caixabank to arrange credit lines of up to EUR 30 million (USD 33.9m) to back environmentally friendly projects. For the first time, individuals will also be allowed to apply for the funds, in addition to the self-employed, small and medium-sized enterprises (SMEs), mid-cap companies and public sector bodies.

Individuals and SMEs are eligible for a credit line capped at EUR 12.5 million, while mid-caps can count on a maximum of EUR 25 million. The maturity is set between two and eight years, with the possibility of a 12-month grace period.

The partnership with the EIB will enable CaixaBank to allocate EUR 65 million for projects promoting the use of renewable energy, building renovations or purchases of electric or hybrid vehicles.

The EIB and Caixabank have also agreed to provide a second loan, of EUR 35 million, for the construction of the 303-MW Goya wind project in the Spanish region of Aragon. Last year, the EIB granted a EUR 50-million loan to the Goya project developed by Spain’s Forestalia Renovables alongside Natixis SA (EPA:KN) subsidiary Mirova, General Electric Co (NYSE:GE) and Engie SA (EPA:ENGI).

(EUR 1.0 = USD 1.13)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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