The green light was announced in a statement by the European Commission, as it is a project supported by community support, with the note indicating that “the EIB approved framework financing of up to 1.7 billion euros for the Solaria, intended to support the construction of around 120 photovoltaic plants, located mainly in Spain, as well as in Italy and Portugal”.

According to Brussels, the photovoltaic plants will have a total capacity of approximately 5.6 gigawatts and will produce around 9.29 terawatts per year. They should come into operation by the end of 2028.

“This operation will support the achievement of the EU's policy objectives under the European Green Deal and the [European energy] REPowerEU plan, providing electricity equivalent to the average annual demand of approximately 2.5 million households and reducing greenhouse gas emissions greenhouse gas in around three million tons of carbon dioxide per year”, highlights the community executive.

Brussels adds that more than a third of the installed capacity will be located in less developed regions, with a GDP per capita below 75% of the EU average.

According to EIB estimates, the construction phase of the plants will involve the creation of 11,100 jobs in the areas covered.

The project is supported by the InvestEU programme, which provides long-term financing by mobilizing public and private funds to support EU policy priorities.

Under the programme, the InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee and thus mobilising at least €372 billion of additional investment.