Spanish energy company Repsol has been granted a €575 million (£496m) loan to support its rollout of renewable energy projects.
The financing from the European Investment Bank (EIB) will enable the company to install solar and wind power plants with a total capacity of 1.1GW.
The projects, which will be operational before the end of 2025, are expected to generate enough electricity to power around 645,000 households and help reduce more than 800,000 tonnes of emissions annually.
Repsol and the EIB have signed an agreement for the first tranche of the loan, which amounts to €400 million (£345m).
Repsol CEO Josu Jon Imaz said: “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 20GW 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.”
Repsol has a global portfolio of 1.9GW of renewable energy projects in operation, most of which are in Spain.