The World Bank is providing a loan to Iberdrola for €300 million to develop renewables projects in different countries.
The funding will be done through its private sector investment arm International Finance Corporation (IFC). It will provide loans for the countries which are dependent on fossil fuels.
As per the official statement, the loan will benefit projects in countries including Morocco, Poland and Vietnam. The loan is associated with ESG (environmental, social and corporate governance) criteria.
The duo is exploring options for the development of new innovative clean energy projects, including offshore wind and green hydrogen.
According to Iberdrola, the company plans to reduce direct and indirect greenhouse gas emissions by more than 60% by 2030. Similarly, it aims to double its installed renewables capacity by 2030.
José Sainz Armada, Iberdrola's director of finance, control and corporate development, was quoted in a statement, "This loan will allow Iberdrola to continue contributing to the energy transition, decarbonisation and electrification of developing countries, which are still highly dependent on fossil fuels. It also consolidates IFC as one of our major allies in the financing of renewable projects."
Meanwhile, Alfonso García Mora, vice president for Europe, Latin America, and the Caribbean at IFC, remarked, "This loan is a significant step in the global IFC-Iberdrola Energy Transition Partnership, which aims to support Iberdrola’s expansion and re-entry into emerging markets in need of decarbonizing their energy matrix.”
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