The European Investment Bank will provide €145 million and the Instituto de Crédito Oficial will provide up to €140 million to finance the development of the Núñez de Balboa photovoltaic power plant, which Iberdrola is currently building in Extremadura region in western Spain. More than 1.000 people will be employed at the plant during the construction phase.
The new installation will have a total power output of 500 MW, making it the largest photovoltaic power plant under construction in Europe. It will avoid the emission of 215.000 tonnes of CO2 into the environment every year.