At COP25 in Madrid, the European Investment Bank (EIB) has signed a financing agreement worth €26 million with IM2 Energía Solar to support the construction of 15 new solar energy farms in Spain.

According to the European Commission, the EIB financing is guaranteed by the Investment Plan’s European Fund for Strategic Investments. The project, entitled “Solar Storm 200”, has the potential to produce 218 megawatts of clean energy, and it will create 400 new jobs in the construction phase as well as hiring an additional 20 permanent staff.

The solar parks will be built in Andalusia, the Valencian Community, Murcia and Extremadura. European Commission Executive Vice-President Valdis Dombrovskis, responsible for An Economy that Works for People, said investing in renewable energies is a crucial element to achieving the Paris Climate Agreement goals and reaching climate neutrality by 2050. “I am pleased to be in Madrid for COP25 where the European Investment Bank has signed an agreement under the Investment Plan for Europe which will see 15 new solar energy farms constructed in Spain. Not only will this deal provide new sources of clean energy, but it will also create jobs in the process,” he said.

As of November 2019, the Investment Plan had already mobilised €450.6 billion of investment across the EU, including €49.5 billion in Spain, and supported more than one million start-ups and small and medium businesses. EFSI-backed investments have increased EU gross domestic product by 0.9% and added 1.1 million jobs compared to the baseline scenario. By 2022, the Investment Plan will have increased EU GDP by 1.8% and added 1.7 million jobs.