The loan will co-finance the construction of 22 renewable energy plants in Spain, Portugal and Germany with a total installed capacity of 2.2 GW. 70% of the plants will be deployed in rural areas, areas affected by the industrial transition to net zero and cohesion regions.
Installations will provide green energy equal to the average annual energy consumption of more than 1,000,000 households.
The European Investment Bank (EIB) and Iberdrola have signed a new financing agreement worth €1 billion to fast forward the energy transition in Europe by building an extensive network of 19 solar power plants and 3 onshore wind farms in Spain, Portugal and Germany.
With a total installed capacity of 2.2 GW, the projects envisage a joint investment of more than €1.7 billion, which will accelerate the energy transition and boost supply security, climate action and social cohesion in Europe.
The operation is part of the EIB’s financing package in support of REPowerEU, the EU plan to strengthen Europe’s energy autonomy.
The agreement was signed in Madrid by EIB Vice-President Ricardo Mourinho Félix and Executive Chairman of Iberdrola Ignacio Galán.
The new installations will provide green energy equal to the average annual energy consumption of more than 1,000,000 households and they will be mostly located in cohesion regions, where per-capita-income is lower than EU average, underlining EIB’s commitment to equitable growth and the convergence of living standards. The investments made under this agreement will boost economic growth and employment in the regions where these renewable energy facilities are installed. These new projects will also support the national energy plans of the three countries, and help Iberdrola achieve its 2040 net zero emissions target.