Iberdrola safeguards EUR100m from EIB

Jan 26, 2021 09:45 AM ET
  • Finance will money its innovation, r & d strategy until 2023
Iberdrola safeguards EUR100m from EIB
[Image: Iberdrola

The European Investment Bank (EIB) has authorized a funding arrangement for EUR100 million with Iberdrola to sustain the company's development, r & d approach between 2021 and 2023.

The car loan was signed in Madrid by Iberdrola's chief executive Ignacio Galán (envisioned left) as well as EIB Vice-President Ricardo Mourinho Félix (ideal) that is in charge of the Bank's task in Spain as well as Portugal.

The funds obtained will certainly advertise the development of cutting-edge and lasting modern technologies, straightened with the power shift, decarbonisation and also electrification of the economic situation.

This will include R&D in renewables, the manufacturing of eco-friendly hydrogen and the advancement of floating wind and photovoltaic installations.

It will also cover the combination of tidy power right into the system, with pumped hydroelectric plants and batteries.

Iberdrola will likewise establish new services for customers, promoting energy effectiveness and also a much more personal service, along with enhancing electrical flexibility.

Around, it will certainly look for to boost digitalisation, automation as well as cybersecurity.

Galán claimed: "R&D&I remains in our business's blood and also we remain to be committed to being much more innovative, much more effective and also more customer-oriented.

" We need to boost our aspiration and also the environment-friendly revolution and also development must be combined as key pieces in the economic healing.

" We have been showing this over the last two decades in a pioneering way as well as with agreements such as the one reached today with the European Investment Bank we will certainly strengthen our development and also research strategy to continue to prepare for the future, building solutions today so that we can fulfill the difficulties of tomorrow."

Félix added: "The EIB is highly dedicated to sustaining investment that underpins the renovation of the European economic climate's competitiveness as well as tactical autonomy by cultivating investment projects in research study, growth and also advancement, especially those related to the power sector, within the scope of the Bank's Climate Action.

" Once again, this agreement highlights the EIB's role as a key player in the European economic situation and also a significant sponsor of clean energy and climate-action-related investments."

Iberdrola's R&D&I method contributes to the advancement of the European Strategic Energy Technology Plan (SET-Plan) and also meets the EU's new clean energy targets.

Along with boosting the business's competition as well as increasing making use of innovation in value-adding activities, boosting processes and the performance of its possessions and also making its tasks much more effective, Iberdrola stated assistance from the EIB will help to deal with environment adjustment through modern technologies that will enable the supply of even more lasting, competitive and efficient remedies.