In Belgium, the European Commission reported that the European Investment Bank (EIB) has granted Nortegas Group a framework financing of up to $84 million to enable group subsidiary Nortegas Renovables to finance the construction of biomethane plants in Spain and launch a digital operations center.
The EIB and InvestEU-financed project will enable the development of the first phase of Nortegas Renovables’ strategic plan, which aims to generate up to 3.5 TWh/year by 2030.
The primarily medium-sized investments set to receive financing will produce renewable biomethane to be injected into the existing natural gas network, replacing fossil fuel-derived natural gas and taking advantage of existing distribution infrastructure. The plants will use agricultural waste – mainly livestock manure from surrounding farms – and, to a lesser extent, organic by-products from agribusiness and vegetable waste, the commission said.
The production of biomethane from the project will help reduce direct greenhouse gas emissions from agricultural activity, lower the risk of direct emissions’ release into air and water associated with livestock production and contribute to the security and diversification of energy supply in the EU, reducing the EU’s dependence on fossil fuels such as natural gas, it added.
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Tags: biomethane, European Investment Bank, Nortegas Group, Spain
Category: Policy
