Iberdrola Awards USD 1.08 Billion Loans from EIB to Install 2.2 GW RE Plants in Europe
The agreement was signed in Madrid by EIB Vice-President Ricardo Mourinho Félix and Executive Chairman of Iberdrola Ignacio Galán.
June 13, 2023. By EI News Network
With an overall established capacity of 2.2 GW, the project envisions a joint investment of over USD 1.83 billion, which will accelerate the energy transition and boost supply security, climate action and social cohesion in Europe.
Hybrid systems produce solar energy when the sun shines and wind energy when the wind blows, with integrated systems complementing each other and sharing the same connection point to guarantee a more stable supply to the grid.
The agreement was signed in Madrid by EIB Vice-President Ricardo Mourinho Félix and Executive Chairman of Iberdrola Ignacio Galán.
The new installations will facilitate green energy equivalent to the average annual energy consumption of over 1,000,000 households and they will be mostly situated in cohesion regions, where per-capita income is lower than the EU average, fundamentally, EIB’s commitment to equitable growth and the convergence of living standards.
These new projects will also assist the national energy plans of the three countries, and help Iberdrola attain its 2040 net zero emissions target.
Executive Chairman of Iberdrola Ignacio Galán added that “As one of the main partners of the EIB, it is a pleasure for us to have the Bank support again through this loan, which represents a significant contribution to accelerate Europe's energy independence -in line with the REPowerEU Plan of the European Union–, achieve climate objectives, and continue creating economic growth and employment in the continent.”
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