2023-07-25 16:24:28 ET
Repsol ( OTCQX:REPYF ) ( OTCQX:REPYY ) said Tuesday the European Investment Bank approved a €575M loan (~635M) for the company to develop wind and solar energy projects in Spain, with the first tranche of financing totaling €400M.
The planned projects, with a total capacity of 1.1 GW, are expected to become operational before year-end 2025.
Estimated electricity output should be enough to meet the annual needs of 645K Spanish households, while the projects also are expected to lower greenhouse gas emissions by 800K metric tons/year.
Repsol ( OTCQX:REPYF ) ( OTCQX:REPYY ) already has a 1.9 GW portfolio of operational renewable energy plants, mostly in Spain, and the company said the new financing supports its strategic objective to reach 6 GW of installed capacity by 2025 and 20 GW by 2030.
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For further details see:
Repsol wins €575M EIB loan for renewable projects in Spain