EIB supplies up to $84.4M in finance to Nortegas for biomethane

November 28, 2024 |

In Spain, European Investment Bank (EIB) has granted Nortegas Group a framework financing of up to €80 million to enable group subsidiary Nortegas Renovables to finance the construction of biomethane plants in Spain and launch a digital operations centre.

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. Meanwhile, the launch of the digital operations centre will provide innovative waste management solutions by applying cutting-edge technology and digitalising the group’s plants.

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 Spanish government’s guarantee of origin system will certify the sustainability of the source of the biomethane provided and the related greenhouse gas emission savings.

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Category: Fuels

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