Iberdrola Spain agrees to a €1 billion loan with the EIB to quicken Europe’s energy transition

June 22, 2023

Building a vast network of 19 solar power plants samsung and 3 onshore wind farms in Spain, Portugal, and Germany will accelerate Europe’s energy transition, according to a new financing agreement between the European Investment Bank (EIB) and Iberdrola worth €1 billion. 

The projects, with a total installed capacity of 2.2 GW and a combined investment of more than €1.7 billion, will accelerate Europe’s energy transition while also strengthening supply security, climate action, and social cohesion.        

Source: EIB

70% of the plants will be placed in rural areas, cohesion regions, and areas impacted by the industrial transition to net zero. Installations will produce enough green energy to meet the annual average energy needs of over 1,000,000 households.

“This major financing agreement covering three countries highlights the EIB’s continued firm commitment to accelerating the energy transition in Europe and to ensuring access to affordable, clean power for all Europeans,” said EIB Vice-President Ricardo Mourinho Félix. “

Executive Chairman of Iberdrola Ignacio Galán added that “As one of the main partners of the EIB, it is a pleasure for us to have the Bank support again through this loan, which represents a significant contribution to accelerate Europe’s energy independence -in line with the REPowerEU Plan of the European Union–, achieve climate objectives, and continue creating economic growth and employment in the continent.”

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