The European Investment Bank (EIB) has granted a green loan of $562.49 million to Spanish energy company Iberdrola to fund domestic renewable energy projects. The loan amount is anticipated to be used to build wind farms and solar plants with a combined capacity of roughly 1,800 MW in Spain. The loan will be used to finance projects in many municipalities around Spain, with a focus on Castilla y León and Extremadura’s rural areas.

Furthermore, the funding will assist projects such as the 50 MW Valdemoro wind farm in Castilla y León and the Tagus and Almaraz solar facilities in Extremadura, which have capacities of 200 MW and 80 MW, respectively. Once operational, the facilities will produce enough green energy to power nearly one million households for a whole year.

Recently, Iberdrola formally opened the hydroelectric storage project at Tâmega Gigabattery in Portugal. The 1.1 GW project was constructed over a period of eight years with an investment of more than €1.5 billion. It comprises the Alto Tâmega, Daives, and Gouve power plants and has a 40 million kWh storage capacity, which is sufficient to supply domestic energy requirements of 11 million people for 24 hours.