Alphavalue / Divacons | The European Investment Bank and Naturgy on Friday agreed a €1 billion loan for solar PV and onshore wind power plants and the modernisation of existing facilities in Spain. The first tranche of this financing, for €400 million, was signed in Madrid, including a portion for battery energy storage projects for renewable energies.
This project will increase Spain’s renewable power generation capacity by 2.3 GW, contributing to the country’s energy transition and to meeting the EIB Group’s climate and environmental sustainability targets, the two companies said in a joint statement.
Meanwhile, a leading US bank has upgraded its recommendation for Naturgy to “neutral” from “underweight”. The upgrade is based on the expectation that gas prices will allow the energy company’s earnings to accelerate. Naturgy shares rose 1.13% on Friday.
