Iberdrola is all set to receive a €550m green loan for the construction of renewable projects in Spain.
For the construction of projects with a total capacity of around 1800MW, the European Investment Bank (EIB) has agreed to provide the loan. The loan is dedicated to onshore wind and solar PV projects.
According to the bank, it will finance solar plants and wind farms mostly in rural areas of Spain including Castilla y León and Extremadura.
It has been reported that the project portfolio includes the 200MW Tagus and 80MW Almaraz PV plants in Extremadura and the 50MW Valdemoro wind farm in Castilla y León among others.
EIB vice-president Ricardo Mourinho Felix was quoted in a statement, “The new green loan signed with Iberdrola enables us to step up our contribution to making Spain a country with greater renewable capacity, a key factor in helping Europe achieve its climate targets.”
The bank stated that it will continue to support projects to boost Europe's security of energy supply.
Meanwhile, Iberdrola chief executive Ignacio Galan, commented, “This financing agreement, which further strengthens our partnership with the EIB, gives a new boost to our projects in Spain at an important time when we need to accelerate the energy transition and reduce dependence on fossil fuels."
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