Sep 8 (Renewables Now) - The European Investment Bank (EIB) is considering providing a big loan for a 386-MWp photovoltaic (PV) power plant in Spain, developed by X-Elio Energy SL.
The size of the proposed EIB financing is EUR 196 million (USD 236m), while the total cost of the project is put at EUR 302 million, according to the bank's website.
The solar park is to be located in Murcia, southeastern Spain. X-Elio got consent for the installation of the panels in 2015, but approval for the 38-km (24 mile) aerial power line for connecting the project to the grid has not been obtained yet. All needed lands, of about 1,100 ha (2,718 acres), have been leased, but expropriation might be required for the power line right of way, the bank says.
X-Elio was among the winners in Spain's last renewable energy auction in July this year that allocated 5 GW of capacity, almost 4 GW of which to solar projects. X-Elio was awarded 455 MW, shows the list of winners, released by the government.
(EUR 1 = USD 1.207)