Banco Santander, Holaluz to promote self-consumption solar in Spain

January 30 (Renewables Now) - Banco Santander (BME:SAN) will start offering its clients a product that will enable them to obtain financing to equip their homes with photovoltaic (PV) panels, the Spanish lender said on Friday.

The Madrid-based bank will partner in the initiative with domestic green power supplier Holaluz Clidom SA (BME:HLZ).

The alliance will see Banco Santander distribute Holaluz's products and services, namely the design and installation of solar panels and their subsequent maintenance, through its network of 2,000 branches in Spain, as well as through its digital channels. The bank will also offer its customers loans for the installation at preferential conditions.

Homeowners enrolled in the programme will be able to cut their electricity bills and help lower carbon dioxide (CO2) emissions, Banco Santander noted.

The Spanish lender has pledged to mobilise EUR 220 billion (USD 239.5bn) in green financing between 2019 and 2030 and develop green products to support the energy transition. It has set a goal for its own operations to become net zero carbon by 2050.

(EUR 1.0 = USD 1.089)