EIB gives EUR70m to Iberdrola to advance Portuguese solar

• The loan will advance the building and construction of projects with a combined capacity of 188MW

The European Investment Bank (EIB) and Iberdrola have actually signed a new agreement to accelerate Portugal's energy transition via the development of new renewable energy plants.

The EU bank will provide a EUR70m green loan for the building of a portfolio of projects with an overall capacity of around 188MW.

The EIB will finance 5 solar PV plants as well as their links to the grid, situated in the Portuguese areas of Algarve, Centro, Alentejo and Lisbon. These projects are generally located in backwoods, which are considered cohesion regions by the EU.

The financing will most likely to the list below projects: Montechoro 1 and also 2 (37MWp), Alcochete 1 and also 2 (46MWp), Algeruz 2 (27MWp), Conde (14MWp) and Carregado (64MWp).

The financing will certainly additionally consist of supplementary infrastructure such as access roads, substations and interconnections.

These new centers, granted at auctions in 2019, will produce green and competitive energy equivalent to the average consumption of greater than 65,000 households. In overall, more than EUR150m will be attended to these solar projects.

EIB Vice-President Ricardo Mourinho Felix claimed: "The agreement authorized today confirms the bank's commitment to support Europe in accomplishing climate targets. We delight in to team up with Iberdrola in its very first solar energy plants in Portugal which will certainly also create financial growth and also jobs in cohesion regions.

" This project is an outstanding instance of the strategic collaboration in between the EIB - Europe's climate bank as well as Iberdrola - a worldwide leader in renewables, united in supporting the green healing, the green shift and Europe's power security."

Jose Sainz, Iberdrola's Chief Financial Officer, included: "This collaboration with the EIB is a boost for Iberdrola's projects in Portugal. This comes with an essential time for the power shift, as more renewables is the only way to reduce our dependancy on fossil fuels."