Madrid-based Matrix Renewables signs €50M green loan with EIB: Know more

The European Investment Bank (EIB), in collaboration with Matrix Renewables, a global renewable energy platform backed by TPG Rise, announced recently that they have signed a €50M green loan.

The loan will support the design, construction, and operation of 5 solar photovoltaic plants with an installed capacity of 240 MW in Castilla y Leon and Extremadura in Spain.

Why this investment?

The financing operation helps to strengthen the EIB’s role as the EU climate bank, to support €1T in green investment by 2030. Additionally, it aims to dedicate at least half of its annual financing to climate action and sustainability.

The new photovoltaic plants are located in regions with lower than average per capita income in the EU, demonstrating the EIB’s dedication to promoting economic growth and convergence among regions.

The new plants are expected to be fully operational by the end of 2025.

This project aligns with the decarbonisation goals of the European Green Deal and is part of the EIB’s action plan to support REPowerEU, the EU’s initiative aimed at reducing dependence on fossil fuel imports by enhancing energy efficiency and increasing renewable energy production.

“With this operation, the EIB continues to accelerate the energy transition in Spain by increasing renewable energy generation capacity. We are also delighted to support Independent Power Producers in their development and deployment efforts, fundamental to accelerate renewable generation investments,” says EIB Director of Equity, Growth Capital, and Project Finance Alessandro Izzo.

“The project is part of the EIB’s contribution to a more sustainable and independent energy model for Europe,” adds Izzo.

In 2023, the EIB Group provided over €21B in financing for energy security in Europe, including €4.5B in Spain for renewable energy, energy efficiency, power grids, and storage systems.

The EIB Board of Directors also raised funding for REPowerEU projects to €45B, aiming to end Europe’s dependence on fossil fuel imports and mobilize over €150B in investment in targeted sectors by 2027.

Matrix Renewables: Global renewable energy platform

Based out of Madrid, Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $19 billion impact-investing platform TPG Rise.

Matrix Renewables’ current portfolio is comprised of 14 GW of solar, storage, and green hydrogen projects in Europe, the United States, and Latin America. 

Matrix Renewables CFO, Nicolás Navas says “We are thrilled to partner with the EIB in this significant project that not only advances our mission of sustainable energy development but also contributes to Spain’s and Europe’s broader energy transition goals. This project highlights Matrix’s commitment to innovation and sustainability. The development of these new solar plants will provide clean energy to thousands of homes and businesses, reinforcing our dedication to creating a greener future for all.”