The European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) have approved loans of €145m and €140m, respectively, to finance the development of the 500 MW Núñez de Balboa photovoltaic solar PV project, which Iberdrola is currently building in the Badajóz province municipalities of Usagre, Hinojosa del Valle and Bienvenida of Extremadura (Spain). The €290m project is expected to be commissioned in September 2020 and to generate around 830 GWh/year, avoiding the emission of 215,000 tCO2/year into the atmosphere.
The project is part of Iberdrola's plans to commission 2,000 MW of solar and wind power in Extremadura by 2022, which also entails the Ceclavín, Arenales and Campo Arañuelo I and II solar PV projects. The company plans to install 3 GW of new renewable energy capacity in Spain by 2022 and 10 GW by 2030. For this purpose, Iberdrola will invest up to €34bn over the 2018-2022 period, of which €13bn for renewable energy projects.
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