Ricardo Mourinho Félix and Josu Jon Imaz at the signing ceremony. Credit: Repsol.

The European Investment Bank (EIB) has provided a €575m ($636.74m) loan to Spanish oil and gas company Repsol to enable the development of wind and solar projects in Spain with a total capacity of 1.1GW.

Expected to begin operations by the end of 2025, the projects will generate enough power for nearly 645,000 homes in Spain while offsetting more than 800,000 tonnes of CO₂ emissions annually.

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The loan agreement aligns with Repsol’s 2050 net-zero emissions target and its 2030 goal to achieve 20GW of installed renewable capacity.

More than a third of the projects will be in areas where residents’ per capita income is 75% lower than the European average.

This supports the EIB’s pledge of “economic and social cohesion”.

Repsol CEO Josu Jon Imaz said: “This new financing supports the company’s road map set out in the 2021–25 Strategic Plan, aiming to reach 6,000MW of installed capacity by 2025 and 20,000MW by 2030.

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“The EIB’s support endorses our goal of zero net emissions by 2050 and is further proof that we are moving in the right direction.”

Of the total agreed loan amount, Repsol will secure €400m in the first tranche.

EIB vice-president Ricardo Mourinho Félix said: “This is a critical moment accentuated by the impact of Russia’s unjustified aggression against Ukraine. Guaranteeing access to sustainable energy for all Europeans is essential for the strategic autonomy of the EU. Public-private partnerships and the firm commitment of companies to decarbonisation are more necessary today than ever.”

In May this year, Repsol said that it will build a renewable portfolio of 1.76GW in Italy, including 943MW of wind and 825MW of solar projects.

Last year, the EIB granted a €120m loan to help Repsol build an advanced biofuels manufacturing plant in Spain.