Spanish energy giant Iberdrola has secured a €1 billion loan from the European Investment Bank to accelerate Europe’s energy transition. As part of the energy transition, Iberdrola plans to build a network of 19 solar power plants and three onshore wind farms in Spain, Portugal and Germany.
The loan is part of a financing package from the European Investment Bank to support REPowerEU, an EU program to strengthen the continent’s energy autonomy.
Iberdrola’s renewable energy projects will generate clean energy equivalent to the annual energy consumption of more than one million households. These projects will not only support the respective climate goals of the three countries, but will also support Iberdrola’s goal of achieving net zero emissions by 2040.
Most of the projects are expected to be located in regions with per capita incomes below the EU average. They will support the EIB’s commitment to equitable growth and convergence of living standards.
As one of the EIB’s key partners, we are pleased to receive renewed support from the Bank through this loan, which makes a significant contribution to accelerating Europe’s energy independence – in line with the EU’s REPowerEU program – to achieve climate targets and continue to create economic growth and jobs on the continent, said Ignacio Garland, Executive Chairman of Iberdrola.
The Spanish energy company recently made news for signing a power purchase agreement with Holcim for the annual supply of 250 gigawatt hours of clean energy from its Baltic Eagle offshore wind project in Germany.