Matrix Renewables, an Independent Power Producer backed by TPG Rise, will oversee the design, construction, and operation of these plants, expected to be fully operational by the end of 2025.

This financing reinforces the EIB's role as the EU climate bank, supporting its goal to facilitate €1 trillion in green investments by 2030 and dedicating at least half of its annual financing to climate action and sustainability. EIB Director Alessandro Izzo emphasized the importance of this project in accelerating Spain's energy transition and bolstering renewable energy generation across Europe.

The solar plants will be located in cohesion regions, underscoring the EIB's commitment to promoting economic growth and regional convergence. The project aligns with the European Green Deal's decarbonization goals and supports the REPowerEU initiative, which aims to reduce reliance on fossil fuels by enhancing energy efficiency and increasing renewable energy production.

Matrix Renewables CFO Nicolás Navas expressed enthusiasm for the partnership, highlighting the project's contribution to Spain's and Europe's energy transition efforts, as well as its role in delivering clean energy to thousands of homes and businesses. The project is backed by InvestEU, the EU's flagship program aiming to mobilize over €372 billion in additional investment from public and private sectors between 2021 and 2027.