EIB reveals first investment plan for biomass plant

In a press release, the European Investment Bank (EIB) announced a EUR 50 million loan to assist in financing a new biomass-fuelled power plant, to be built in the Spanish La Coruña municipalities of Curtis and Teixeiro on a 103000 m² publicly owned site. The plant will be supplied with forest waste sourced within a 100 km radius.

Planned to be operational by 2020, the Curtis-Teixeiro plant will assist in reducing carbon dioxide emissions set out in the National Renewable Energy Action Plan (PANER) 2011-2020. The new facility will have a capacity of around 50 MW and the biomass used will be FSC or PEFC-certified.

The EIB financing, together with another EUR 50 million loan from varying financial institutions, is the first loan to be provided to a biomass subsidiary under the European Investment Plan, otherwise referred to as the “Juncker Plan”. The plan increases the EIB Group’s ability to finance investment plans for projects that have a higher risk profile.