Brussels, 03/07/2001 (Agence Europe) - On Monday the European Investigation Bank announced that it had just granted the Spanish company Nueva Generadora del Sur SA a loan of Euro 150 million for constructing a combined-cycle power plant in the province of Cadiz. The Nueva Generadora del Sur S.A. company is owned by Unión Fenosa Generación SA (equal to a 75% stake in the company) and CEPSA (25% of the capital) and was set up in 1999 to design, build and operate a combined-cycle power plant in San Roque, an energy-deficient area close to major gas and power transmission lines (Cadiz). This natural-gas fired plant will comprise two units with a capacity of 365 MW each. The power generated will supply mainland Spain's electricity grid while the steam produced will replace that currently generated by four more polluting oil-fired boilers for the nearby CEPSA refinery.
The EIB explained in a press release how, "The new plant's technical qualities will make it one of the most efficient and environmentally friendly in the Spanish power plant sector". The EIB loan will assist regional development and is consist with the guidelines for Community energy and environmental policy.