Italy: EIB and Iberdrola sign an agreement for the energy transition

Iberdrola receives a €150 million green loan from the European Union to build wind and photovoltaic farms in Italy. The funding will include ancillary infrastructure and will produce green energy for the equivalent of 260,000 homes while creating 600 temporary jobs. The objective is to strengthen Europe's energy independence and contribute to the achievement of climate objectives.

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The European Union has granted a green loan of 150 million euros to Iberdrola for the construction of a series of wind and photovoltaic farms in Italy. These projects, with a total capacity of approximately 400 megawatts, will produce green and competitive energy, equivalent to the average consumption of 260,000 homes. The EIB will finance small and medium-sized solar and wind power plants, as well as their connection infrastructure, located mainly in southern Italy, which receives EU cohesion funds. Funding will also include ancillary infrastructure such as access roads, substations and interconnections to improve clean energy generation and security of supply.

 

The creation of 600 temporary jobs for the construction of infrastructures

600 temporary jobs are expected to be created each year during the infrastructure construction phase, which will stimulate economic growth and employment in the regions concerned. Gelsomina Vigliotti, Vice President of the ISB, said that the security and sustainability of energy supply is a priority for the EU Climate Bank and that the collaboration with Iberdrola will help achieve the climate objectives. Ignacio Galán, Executive Chairman of Iberdrola, emphasized that the new green loan signed with the ISB will increase the company’s contribution to a Europe capable of meeting its climate objectives and increasing its energy independence.

 

100 billion euros for new renewable energy projects

The EIB has injected nearly €100 billion into the EU’s energy sector over the past decade to strengthen the resilience of the European economy. The upcoming investments should help Europe to free itself from its dependence on Russian fossil fuel imports, as part of the REPowerEU objective, mobilizing an additional €115 billion of investment by 2027 to contribute to Europe’s energy independence.

 

Iberdrola strengthens its leadership in sustainable financing

Iberdrola continues to advance its sustainability strategy by electrifying the economy, fighting climate change and creating wealth and jobs in the communities where it operates. The Spanish company continues to consolidate its leadership in sustainable financing with a net debt of 44.29 billion euros at the end of September and green and sustainable investments for more than 16 billion euros, in line with the United Nations’ Sustainable Development Goals.

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