Published on February 13th, 2019 | by Joshua S Hill0
CaixaBank Partners With EIB To Finance Climate Change Projects
February 13th, 2019 by Joshua S Hill
Spanish banking giant CaixaBank is partnering with the European Investment Bank to launch its first credit line to finance climate action-focused projects.
CaixaBank S.A., formerly Criteria CaixaCorp, is a Spanish financial services company based in Valencia, and together with the European Investment Bank (EIB) it has launched a new credit line of up to €30 million to promote projects that help to combat climate change. This will also be the first time CaixaBank is allocating EIB funds to finance private projects or projects of individuals. The new loans are intended for individuals, the self-employed, small and medium-sized enterprises (SMEs), mid-caps, and public sector bodies. The credit line has been set at €12.5 million for SMEs and individuals, and a maximum of €25 million for mid-caps, with maturity periods between two to eight years.
The new EIB-CaixaBank eco loans was not the only agreement signed between the two entities, however, as the two institutions will also partner to finance €35 million for the Goya wind energy project. This new financing is in addition to €50 million the EIB already committed in April of 2018 under the Investment Plan for Europe for 9 wind power projects to be developed by Spanish firm Forestalia Renovables to be built in the Aragón region of Spain.
“The European Commission welcomes the financing of these nine wind farms in Aragón,” said Miguel Arias Cañetem, EU Commissioner for Climate Action and Energy in April. “Europe will always endeavour to support projects that invest in the transition to clean energy and job creation. Investing in renewables means investing in quality jobs. Spain has the potential to be the benchmark for renewable energies and sustainable long-term job creation. These projects provide an example of this potential and they will certainly not be the last.”
The 9 projects will amount to around 300 megawatts (MW) and it was announced in September 2018 that Siemens would be supplying 233 MW worth of wind turbines to eight of the projects.
Specifically, Siemens Gamesa will provide 39 of its SG 3.4-132 turbines worth 135 MW to independent power provider WPD at the El Poleo, Las Panaderas, and Navillas wind farms, all of which are located in the province of Valladolid. Additionally, the company will provide a mix of 20 turbines — the company’s SG 3.4-132, SG 2.1-114, and SG 2.6-126 models — worth 62 MW for the Tinajeros, Agón, La Nava, and Los Cierzos wind farm developments in the province of Zaragoza. Finally, Siemens Gamesa will also supply 11 turbines worth 36 MW to an unnamed “important energy company” in Zaragoza.