Iberdrola secures loan for 2 GW renewable energy projects

Iberdrola has signed an agreement loan with the European Investment Bank (EIB) and ICO to promote green recovery with the development of new renewable capacity in Spain. 

The European Investment Bank (EIB) will provide the Spanish energy company with EUR600 million (US$682.242 million) and the Official Credit Institute, EUR200 million (US$227.414 million) to finance the construction of more than 20 projects with a total power of over 2,000 megawatts (MW). These new facilities will produce green and competitive energy equivalent to the average annual consumption of nearly one million homes.

The EU Bank supports this operation through a Green Energy Loan, a type of financing whose characteristics fully comply with the requirements defined in its Climate Awareness Bonds program and is, therefore, capable of being assigned to its portfolio of loan operations financed by the issuance of said bonds.

The financing signed with ICO represents the third green loan granted by the Institute to the Spanish company with the aim of boosting energy production from renewable and non-polluting sources. 

Specifically, the EIB and ICO will finance photovoltaic plants and wind farms in various Spanish towns, most of them in transition regions. Under the framework of these loans, part of the financing will go to a new solar plant in Cáceres, in the municipalities of Ceclavín and Alcántara, which will have an installed capacity of 328 megawatts.

In addition, other projects that will benefit from financing under this line have been analyzed, including both wind and photovoltaic installations in a wide range of Spanish regions.