LUXEMBOURG, Sept 26 — The European Investment Bank (EIB) is supporting solar energy in southern Europe with funds of up to €1.7 billion (RM8.44 billion), it announced in a statement on Monday, reported dpa news agency.
Around 120 solar power plants are to be built, mainly in Spain, but also in Italy and Portugal, according to the statement.
The plants are to be connected to the grid by the end of 2028 and have a total capacity of around 5.6 gigawatts. They are expected to generate an estimated 9.29 terawatt-hours per year.
The EIB is the EU’s long-term lending institution and is owned by the member states. The bank’s mission is to finance investments that contribute to EU policy objectives. The project is also supported by the InvestEU investment programme.
— Bernama-dpa
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