Aquila Clean Energy EMEA, the clean energy development platform in Europe, has closed a construction facility of 1 billion euros that was supported by the InvestEU programme. The financing will support the construction and development of the entire renewable energy pipeline of Aquila Clean Energy in Portugal and Spain over the upcoming three years.
The new renewable energy projects will be implemented in regions in Spain and Portugal. The pipeline consists of over 50 projects, predominately solar photovoltaics (PV), and offshore wind assets, with a total electricity production capacity of 2.6 gigawatts, and these projects will have an estimated yield of 5.3 terawatt-hours a year.
The operation is aligned with the renewable energy targets of the European Union and supports Portugal and Spain in meeting their commitments to decrease greenhouse gas emissions.
Additionally, the vast majority of investments are expected to be located in the cohesion priority regions, thus supporting the economic recovery in all these regions that were particularly affected by the COVID-19 pandemic.
The InvestEU programme follows up on the success of the Investment Plan for Europe and aims to facilitate investments in the European Union. This transaction not only increases the renewable energy generation capacity, but also contributes to the objectives of the European Green Deal.
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