EIB to become equity partner in 218-MW PV project in Spain

The European Investment Bank (EIB) on Tuesday signed an agreement with IM2 Energia Solar to help the Spanish multinational realise its Solar Storm 200 project involving the installation of 218 MW of photovoltaic (PV) parks in Spain.

The agreement has been structured to make the EU lender an equity partner in the project with an investment of EUR 26 million (USD 28.8m). Solar Storm 200 is also supported by commercial banks providing project finance, the European Commission (EC) said today.

The Solar Storm 200 project will entail the development and construction of 15 new PV parks which IM2 plans to install across the Spanish regions fo Extremadura, Andalusia, Murcia and the Valencian Community. It is expected to create 400 construction jobs and prevent 116,000 tonnes of carbon dioxide (CO2) emission per year in the operation phase.

The deal with the EIB will enable Solar Storm to be launched as the investment platform of Umbrella Capital – IM2's holding company – with an Independent Power Producer (IPP) focus and becoming a renewable power producer.

IM2 currently provides development, engineering, procurement and construction (EPC) and operations and maintenance (O&M) services for residential and large-scale PV projects.

(EUR 1.0 = USD 1.108)

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