Iberdrola signs its biggest green funding worth EUR1 B with Banco Santander

• The funds will be used primarily to finance Iberdrola's orders to distributors of generators for offshore and onshore wind farms for Iberdrola's projects in Spain, Poland, Greece, Germany and the UK.

Spanish electric energy Iberdrola has signed its largest green funding with Banco Santander for an amount of EUR1 billion, which in turn is backed by an Export Credit Agency (ECA), claimed the company.

The finance has a maximum regard to 15 years.The funds will certainly be utilized mainly to fund Iberdrola's orders to distributors of turbines for offshore and onshore wind farms for Iberdrola's projects in Spain, Poland, Greece, Germany as well as the UK.

Export Credit Agencies (ECAs) specifically take care of credit as well as financial investment insurance in behalf of States, covering political, commercial as well as remarkable threats connected with internationalisation. The guarantee device for the green car loan will certainly be provided by the Export Credit Agency, while the funds for the procedure will come from Banco Santander.

"With this brand-new funding, Iberdrola remains to settle its leadership in ESG funding, with greater than EUR41 billion in authorized procedures, of which greater than EUR23 billion represent green financing and also around EUR18 billion to line of credit, financings or commercial paper programmes subject to compliance with sustainability objectives," stated the company.

The projects to which the sources acquired from these placements are allocated are straightened with the following Sustainable Development Goals (SDGs) of the United Nations, on which Iberdrola focuses its efforts: number 7-- Affordable and Clean Energy-- as well as number 13-- Climate Action.

Iberdrola has more than 30,000 MW of operational capacity in the pipeline and in early-stage developments. The business anticipates to have 12,000 MW of offshore wind energy in operation by 2030 and also cumulative financial investments of over EUR30 billion worldwide.

During 2021, offshore wind energy has established itself as one of the firm's major development vectors, asserts the firm. At year-end, Iberdrola had 1,260 MW offshore in operation, 1,800 MW incomplete and also 5,400 MW in innovative development, which will enter operation before 2027. The company has a portfolio of projects in the USA, the United Kingdom, Poland, Sweden, Ireland, Taiwan, Japan, the Philippines and also Brazil.

Banco Santander is a major player in renewable energy financing, with a mobilised quantity of EUR65.7 billion in between 2019 and also 2021. At the end of the last financial year, Santander was the world's leading bank in renewable energy project money, said Iberdrola.