The European Investment Bank (EIB) and Spain's Instituto de Crédito Oficial (ICO) will invest up to €285 million in a photovoltaic (PV) solar plant, project builder Iberdrola said on Tuesday.
The EIB will grant €145 million and ICO up to €140 million to finance the Nunez de Balboa PV project in Spain.
The new plant with 500 megawatts of capacity will be enough to supply clean energy to 250,000 people.
With a surface area of nearly 1,000 hectares, the plant is the largest PV project under construction in Europe, Iberdrola said.
The plant, the commissioning of which is planned in 2020, will avoid 215,000 tonnes of carbon emissions per year.
€1 equals 6.40 Turkish liras
By Zeynep Beyza Kilic