Spanish energy company Respol has secured financing for its renewable energy projects with a total capacity of 1.1GW.
The company has been granted a loan which would ease the installation of solar and wind power plants. It received €575 million (£496m) financing from the European Investment Bank (EIB).
The duo has already inked an agreement for the first tranche of the loan.
Repsol CEO Josu Jon Imaz was quoted in a statement, “This new financing supports the company’s roadmap set out in the 2021-2025 Strategic Plan, aiming to reach 6GW of installed capacity by 2025 and 20 GW by 2030. The EIB’s support endorses our goal of net zero emissions by 2050 and is further proof that we are moving in the right direction.”
According to the company, these renewable projects will generate electricity to power around 645,000 households. The projects are likely to reduce over 800,000 tonnes of emissions annually.
The projects are planned to enter into operations before the end of 2025.
As per Repsol, it has a global portfolio of 1.9GW of renewable energy projects in operation so far.
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