Iberdrola agrees EUR-1bn EIB loan for renewables in Iberia, Germany
- Iberdrola SA, a Spanish utility company, has secured financing from the European Investment Bank (EIB) for the construction of solar and wind power plants in Spain, Portugal, and Germany, totaling 2.2 GW capacity.
Spanish utility company Iberdrola SA has secured a EUR 1 billion loan from the European Investment Bank (EIB) to support renewable energy projects in Spain, Portugal, and Germany. The financing will contribute to a larger investment of EUR 1.7 billion and will fund the construction of 19 solar parks and three onshore wind farms. Some of these projects will be hybrid, integrating photovoltaics (PV) with wind and energy storage.
The investment plan by Iberdrola includes the construction of 19 solar parks and 3 onshore wind farms primarily in rural areas, regions impacted by the industrial transition to net-zero, and cohesion regions across the three aforementioned countries. Some of these planned projects will be hybrid, combining photovoltaics (PV) with wind and energy storage capabilities.