The Spanish energy group Naturgy has secured over €2.4bn financial support to develop its renewable capacity in Spain and Australia through international banks. In Australia, Naturgy - through its international subsidiary Global Power Generation (GPG) - has received AUD 2.3bn (US$1.5bn or €1.4bn) from 11 international banks. The financing will go to a portfolio of eight operating assets (six wind parks, one battery storage project and one solar-hybrid with storage), two photovoltaic plants under construction and one solar+battery hybrid project under development. Overall, GPG will close 2024 with 1 GW of projects in operation, in addition to 360 MW under construction and 510 MW ready for construction.
In Spain, the European Investment Bank (EIB) has approved a €1bn loan to finance the start-up of new renewable energy plants and the repowering and hybridisation of existing ones in Spain. The financing should also be partly used for investments in batteries for the storage of renewable energy. The first tranche of €400m of the loan has been granted and the total of the investment is expected to increase renewable energy generation capacity in Spain by 2.3 GW.
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