The European Investment Bank said Dec. 11 it has invested €76.5 million in the 300-MWp Talayuela solar photovoltaic power plant in the Extremadura region of Spain. The investment is supported by the European Fund for Strategic Investments.

The €228 million solar project secured financing from the EIB and Deutsche Bank for a combined amount of €165 million which reached financial close in November.

Expected to go online in the second half of 2020, the Talayuela solar plant is being built without subsidy. Its output will be purchased by an unnamed off-taker under a 10-year power purchase agreement.

The solar facility is 80%-owned by German independent power producer Encavis AG and 20%-owned by London-headquartered solar company Solarcentury.