Iberdrola will get a €550 million green loan from the European Investment Bank to aid in the development of a portfolio of projects with a combined capacity of roughly 1800 MW.
In a number of Spanish towns, primarily in the rural regions of Castilla y León and Extremadura, the EIB will finance solar power and wind farms.
Projects like the 50MW Valdemoro wind farm in Castilla y León and the 200MW Tagus and 80MW Almaraz PV facilities in Extremadura will each receive a portion of the funding.
Ricardo Mourinho Felix, EIB vice-president, said: “The new green loan signed with Iberdrola enables us to step up our contribution to making Spain a country with greater renewable capacity, a key factor in helping Europe achieve its climate targets.”
“As the EU Bank, we continue to support projects in line with our ‘Climate Bank Roadmap’, while at the same time boosting Europe’s security of energy supply in the current sensitive context.”
“We are pleased to support Iberdrola in projects that will generate economic growth and jobs in cohesion regions.”
Ignacio Galan, Iberdrola chief executive, said “This financing agreement, which further strengthens our partnership with the EIB, gives a new boost to our projects in Spain at an important time when we need to accelerate the energy transition and reduce dependence on fossil fuels.”
Due to its commitment to onshore wind and solar PV projects, the loan qualifies as an EIB Green Loan in full under the climate action/renewable energy framework.
Projects that completely adhere to the guidelines established in the EIB’s Climate Awareness Bonds programme are eligible for funding.