Aquila Clean Energy EMEA, a unit of investment firm Aquila Capital, has secured €1bn ($996m) of funding for the development of its 2.6GW renewable energy project pipeline in Spain and Portugal over the next three years.

The facility includes a €400m loan from the European Investment Bank (EIB) through its InvestEU programme, as well as €600m from a consortium of commercial banks.

It is estimated that the project pipeline would require an investment of more than €2bn. The remaining amount will come from funds managed by Aquila Capital and its own capital.

Aquila Clean Energy EMEA CEO Susanne Wermter said: “This transaction constitutes the largest financing in the history of Aquila Clean Energy and Aquila Capital.

“With the financing now secured, we are opening up additional growth for our company and, with the planned assets, we will be able to offer our investors further interesting opportunities.”

The projects will be built at various locations in Spain, including Castilla y León, Comunidad Valenciana, Andalucía, Cantabria, Castilla-La Mancha and Murcia.

In Portugal, the projects will be developed in Setúbal, Coimbra, Evora and Leiria.

The 2.6GW project pipeline comprises more than 50 renewable energy projects, including solar photovoltaic (PV) assets and onshore wind farms.

The renewable assets will have the capacity to generate 5.3TWh of clean energy a year in total, which is equivalent to the annual consumption of around 1.4 million households.

EIB vice-president Ricardo Mourinho Félix said: “This construction facility is the first of its kind and a landmark transaction for the EIB.

“As the EU climate bank, we put sustainable development at the heart of our activities.

“We are therefore extremely proud to be financing this project, through a Green Loan that contributes substantively to Europe’s energy transition and the security of energy supply.”