Iberdrola secures EUR88m loan for 100 MW solar PV park with 5 MW/20 MWh battery storage system in Puertollano

European Investment Bank (EIB) and Instituto de Credito Oficial (ICO) have agreed to lend EUR88 million (US$95 million) to Iberdrola for a green hydrogen project in Spain.

Located in Puertollano, Castilla-La Mancha, the project involves the development of a 100 MW photovoltaic plant, a 20 MWh battery, and an electrolysis facility. When completed, it will be one of Europe's largest plants of its sort. Commissioning of the Puertollano green hydrogen plant is expected to occur sometime in 2022.

EIB is providing EUR53 million (US$57.7 million) and ICO is lending EUR35 million (US$38.1 million) to Iberdrola's project, both of which are certified as green financing.