US$48.8 million has been granted by the European Investment Bank (EIB) for investment in the ongoing construction of one of the largest solar projects in Spain, the Cabrera Solar Project that will be constructed in Andalusia and is sponsored by Encavis AG and developed by Solarcentury. It will be the biggest of it’s kind. The Cabrera Solar Project includes the construction and operation of four 50MW PV solar plants in Alcalá de Guadaira, Seville. As of May this year, 86% per cent of the project had been completed in spite of the disruption caused by the current global pandemic.
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The project is backed by the European Fund for Strategic Investments (EFSI), and the main goal for the project is to provide clean energy for the citizens of Andalusia and Spain at large. Along with providing clean energy for Spain, the project will provide over 350 job opportunities and provide clean energy to nearly 150 000 households each year which is projected to reduce the carbon-dioxide emissions by 300 metric kilotons (kt) every year.
The project will help meet the Spanish Government’s objective to generate 20% of all Spain’s energy needs from renewable sources by the end of this year. The solar facility also forms part of the European Commission’s target of ensuring that at least 32% of Europe’s final energy consumption comes from renewables by 2030. The European Fund for Strategic Investments (EFSI) is the main pillar of the Juncker Plan and offers a guarantee that enables the EIB to invest in various projects that often come with greater additionally. Solarcentury is a leading global solar power company that was established in 1998. They develop, construct, own and operate utility-scale solar and smart technology across Europe, Latin America and Africa. During Solarcentury’s 22-year history the business has helped solar power become mainstream, their projects have generated 6 billion kWh of clean electricity, saving over 1.7 million tonnes of CO2 emissions.