Spanish company Iberdrola has secured 800 million euros from the European Investment Bank (EIB) and theInstituto de Crédito Oficial (ICO) to deploy renewable energies throughout Spain.

Spanish renewable energy development, green financing

Mixed financing methods

Iberdrola has signed a 600 million euro green energy loan with the European Investment Bank.
This is the third such loan granted to Iberdrola for the development of renewable energies, in addition to another loan granted by the ICO (200 million euros).

Part of this funding will go towards the construction of more than twenty solar and wind power projects across Spain, with a total capacity of over 2 GW.
Another part will be used to support Iberdrola’s 328 MW solar farm in Caceres – located in the municipalities of Ceclavin – and Alcantara, which is a hotbed of solar photovoltaic activity.
The project will also supply energy to the French telecommunications company Orange.

EIB Vice-President Emma Navarro, responsible for the Bank’s climate action and operations in Spain, said: “We are delighted to continue working with Iberdrola to support the infrastructure that enables Spain to capitalize on its huge renewable energy potential and contribute to economic growth and employment at this critical time. This agreement is another example of our commitment, as the EU’s climate bank, to support operations that facilitate the transition to a low-carbon economy. “

Emma Navarro underlined “the dual role of green investment as a key axis of economic recovery from the COVID-19 crisis and as a building block for long-term growth in Europe”.

ICO President José Carlos García de Quevedo said, “Today’s agreement strengthens the association between the EIB and ICO to promote the development of renewable energy projects by Spanish companies like Iberdrola. Promoting green investment is a key approach to ensuring a sustainable recovery with a positive impact on job creation and protection.” (World Energy Trade)

A loan from the European Union

The EU bank is supporting this operation with a green energy loan.
The features of this loan are fully in line with the requirements set out in its climate awareness obligations.

The investments made under this agreement should have a positive impact on economic growth and employment, while continuing to combat climate change.

Iberdrola said in a statement that over 3,000 direct jobs would be created during the construction phase, as well as “several hundred” permanent positions, with the funding helping to support a green recovery from Spain’s ongoing COVID-19 crisis.

Ignacio Galán, Chairman of Iberdrola, said that a green recovery from the pandemic would be “the perfect opportunity to generate sustainable growth and massive employment in the future”.

“With the agreement we are signing today with the EIB and the ICO, we are moving forward with our commitment to accelerate investment and commission 3,000 MW of new capacity in Spain by 2022 and up to 10,000 MW by 2030,” he added.

About Iberdrola

Iberdrola is one of the world leaders in the wind energy market and one of the largest electricity companies.
The group supplies energy to over 100 million people in dozens of countries, including Spain, the UK (Scottish Power), the USA (AVANGRID), Brazil (Neoenergia), Mexico, Germany…

With over 35,000 people hired, and assets exceeding 122 billion euros, the company achieved sales of 36,438 billion euros in 2019.

Iberdrola and the ecological transition

The Spanish company is leading the energy transition to a sustainable model through its investments in renewable energies, smart grids and large-scale energy storage.
The aim of all this is to provide its customers with cutting-edge products and services.

Thanks to its commitment to clean energy, Iberdrola is one of the world’s lowest carbon dioxide emitters.
As a result, it sets an example for other companies in the sector through its participation in the energy transition and its sustainability.

Iberdrola and green financing

The company is one of the leaders in green financing.
In fact, Iberdrola is the first Spanish company to close a green bond issue, and has made 8 public issues on this subject.

It is behind other green private financings for its group subsidiaries such as AVANGRID and Neoenergia.
At the end of 2016, in line with the Group’s strategy, Iberdrola became the first energy company in the world to take out a green loan.