European Investment Bank (EIB) and Iberdrola have signed a new agreement to accelerate Italy's energy transition through the development of new renewable energy plants. The EU Bank has granted a green loan of 150 million euros for the construction of a portfolio of wind and photovoltaic projects with a total capacity of about 400 megawatts (MW).
These new facilities will produce green and competitive energy equivalent to the average consumption of up to 260,000 homes. The projects will involve a total investment of more than 300 million euros.The EIB will finance small and medium-sized solar photovoltaic and wind power plants and their connection facilities.
These projects are located mainly in areas of southern Italy, cohesion regions by the European Union. The financing will also include ancillary infrastructure such as access roads, substations and interconnections. These investments will not only increase clean energy generation, but also improve security of supply.
The investments that will be undertaken under this agreement will boost economic growth and employment in the regions. Taken together, the new infrastructure will create jobs for approximately 600 people a year during the construction phase.
EIB Vice-President Gelsomina Vigliotti said: “For the EU Climate Bank it is a priority to secure financing that ensures a resilient and sustainable energy supply. We are pleased to collaborate with Iberdrola in the development of its first renewable plants in Italy, and our commitment to achieving climate objectives"The Chairman of Iberdrola, Ignacio Galán, assured: “This new green loan signed with the EIB allows us to increase our contribution to a Europe capable of achieving its climate objectives and increasing its energy autonomy. The leadership of the European Investment Bank is essential to achieve this”.
The company already has a project portfolio of almost 3,000 MW, including a 23 MW photovoltaic park already operational and another 4 authorized projects about to start construction for a total of 116 MW.