May 8 (Renewables Now) - Iberdrola SA (BME:IBE) has turned to the European Investment Bank (EIB) for a loan of EUR 145 million (USD 162.4m), one half of the financing required to complete the 391-MW Nunez de Balboa photovoltaic (PV) complex in the Spanish region of Extremadura.
According to the proposal, published on the lender’s website on Wednesday, Iberdrola is seeking a senior loan to its financial subsidiary while the parent company will provide a guarantee. Before the loan receives the approval from the board of directors, the EIB will be assessing whether the project meets its environmental and social standards, as well as the EU procurement legislation.
The Nunez de Balboa project is not backed by any subsidy, nor it has participated in renewable energy auctions. Besides Iberdrola, local companies, such as Ecoenergias del Guadiana, Imedexsa, Cubillana, Elaborex and Instituto Aeronautico, have taken part in the scheme. The construction of the solar farm started in March.
(EUR 1.0 = USD 1.12)