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					</table><p>The European Investment Bank (<a href="https://www.eib.org/en/index" target="_blank" rel="noopener">EIB</a>) has approved a €575 million (~$636.7 million) loan to support global energy company <u><a href="https://www.repsol.com/en/index.cshtml" target="_blank" rel="noopener">Repsol</a></u>&#8216;s renewable projects in Spain.</p>
<p>The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol&#8217;s goal of achieving zero net emissions by 2050.</p>
<p>The projects are expected to bolster the REPowerEU objective of reducing the European Union&#8217;s dependency on fossil fuel imports and increasing energy security.</p>
<p>The funds will support the rollout of wind and solar photovoltaic plants, resulting in a total capacity of 1.1 GW.</p>
<p>These renewable energy facilities are expected to be operational before the end of 2025, generating electricity equivalent to the annual average consumption of around 645,000 Spanish households.</p>
<p>By reducing annual greenhouse gas emissions by over 800,000 tons of CO2 annually, renewable energy facilities will contribute significantly to Spain&#8217;s efforts in combating climate change.</p>
<p>Repsol has set ambitious targets of reaching 20 GW of installed renewable energy capacity by 2030 and achieving zero net emissions by 2050.</p>
<p>The financial support from the EIB will enable the company to advance its 2021-2025 Strategic Plan, aiming to reach 6 GW of installed renewables capacity by 2025.</p>
<p>EIB also supported Repsol&#8217;s decarbonization efforts in December last year with a €120 million (~$132.9 million) loan to construct and operate the first advanced biofuels production plant in Spain.</p>
<p>In 2022, the EIB committed over €17 billion (~$18.8 billion) to finance various sustainable energy and natural resources projects across the continent.</p>
<p>Spain received a record €3.1 billion (~$3.4 billion) in financing commitments for sustainable energy, establishing itself as the second-largest beneficiary within the European Union.</p>
<p>Recently, EIB and Spain-based independent power producer Iberdrola <a href="https://www.mercomindia.com/iberdrola-1-billion-eib-build-22-renewable-projects" target="_blank" rel="noopener">signed</a> a loan agreement worth €1 billion (~$1.07 billion) to build 22 renewable energy projects with an installed capacity of 2.2 GW.</p>
<p>Earlier this month, EIB Group <a href="https://www.mercomindia.com/eib-50-billion-clean-energy-manufacturing-eu" target="_blank" rel="noopener">approved</a> raising the funding volume for clean energy projects developed under the REPowerEU and Green Deal Industrial Plan by 50% to €45 billion (~$50.28 billion).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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EIB Greenlights $636 Million Loan for Repsol’s Renewable Energy Initiatives

<p>Power Grid Corporation of India Limited (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">PGCIL</a>) noted that on May 21, 2021, its Board has approved an investment to the tune of ~₹22.20 billion (~$301.48 million) for commissioning various power transmission projects.</p>
<p>The decision to approve the outlay was taken at the meetings held by PGCIL’s Board of Directors and Committee of Directors on Investment on Projects, the state-owned power transmission company notified in a BSE filing.</p>
<p>The Board of Directors approved the investment for the transmission system strengthening program for evacuating power from solar energy zones in Rajasthan (8.1 GW) under Phase-II – Part-B1 at an estimated cost of ~₹11.849 billion (~$162.23 million).</p>
<p>The project is supposed to be commissioned in a phased manner, starting with Part A by December 2021, Part B by March 2022, Part C by June of next year, Part D by Aug 2022, and the last portion by Sept 2022.</p>
<p>In February 2021, PGCIL had <a href="https://mercomindia.com/pgcil-bags-two-transmission-projects/" target="_blank" rel="noopener">bagged</a> two power transmission projects in Rajasthan through tariff-based competitive bidding. These projects are built to evacuate 8.1 GW of power from solar energy zones in the state. The company had won both projects on a build, own, operate, and maintain basis. The power transmission company had also <a href="https://mercomindia.com/pgcil-bags-three-transmission-projects/" target="_blank" rel="noopener">secured</a> three other power transmission projects in Rajasthan through competitive bidding. These are built to evacuate another 8.1 GW of power from solar energy zones in the state.</p>
<p>The Board has also accepted the North Eastern Region Strengthening Program-XII at an estimated cost of ~₹5.746 billion (~$78.67 million) to be commissioned progressively by March 2023.</p>
<p>In December last year, the cabinet committee on economic affairs <a href="https://mercomindia.com/cabinet-approves-plan-for-power-infrastructure/" target="_blank" rel="noopener">approved</a> ₹67 billion (~$910 million) for the North Eastern Region Power System Improvement Project. The program is currently being implemented through PGCIL aiming to create a reliable power grid and improve the states’ connectivity to the upcoming load centers and extend the benefits of grid-connected power to all consumers in the region.</p>
<p>The Committee of Directors on Investment on Projects has approved an investment proposal for capital expenditure for procuring telecom equipment to set up an exclusive telecom network for the National Transmission Asset Management Center at an estimated price of ~₹1.173 billion (~$16.06 million), with a commissioning schedule of 12 months from the date of the award.</p>
<p>Additionally, the Committee also approved equity investment to pay off the state contribution of 5% project cost to Union Territories of Jammu and Kashmir and Ladakh and expenditure towards procurement of spares for 220 kV Srinagar-Leh transmission system at an estimated cost of ~$1.444 billion (~$19.77 million).</p>
<p>The project is scheduled to be progressively completed within 18 months from the date of investment approval.</p>
<p>The government has <a href="https://mercomindia.com/seci-cancels-tender-solar-leh-kargil/" target="_blank" rel="noopener">plans</a> to set up 7.5 GW of solar projects in Leh and Kargil (Jammu &amp; Kashmir) and intends to set up the transmission infrastructure ahead of the project development.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/srinwanti/" class="vcard author" rel="author"><span class="fn">Srinwanti Das</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2021/04/Srinwanti-300pxl.jpg" alt="" width="106" height="115" />Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. <a href="https://mercomindia.com/author/srinwanti/">More articles from Srinwanti Das.</a></p>
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PGCIL Gets Board Approval to Invest ₹22.20 Billion in Power Transmission Network

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