Iberdrola has signed an agreement with the European Investment Bank (EIB) and the Instituto de Credito Oficial (ICO) to drive the green recovery by developing new renewable energy capacity in Spain. To this end, the EIB and ICO will provide Euro 600 million and Euro 200 million, respectively, to the Spanish utility to finance the construction of over 20 projects with total capacity exceeding 2,000 MW. These new facilities will provide renewable energy equal to the average annual energy use of almost 1 million households.
In concrete terms, the EIB and ICO will finance photovoltaic plants and wind farms in several different parts of Spain. Part of the financing from these loans will go towards setting up a new solar plant of capacity 328 MW in Caceres, in the municipalities of Ceclavin and Alcantara. More projects have been analysed to benefit from financing under this credit line, including wind farms and solar plants across Spain. These projects will not only expand the generation of clean energy, both also improve Spain’s security of supply and diversify its energy mix.
The investments made under this agreement will have a positive impact on economic and employment growth and also helping to combat climate change. The new infrastructure will make it possible to create a total of 3,000 direct jobs during the construction phase, as well as those created in other related sectors, by 2023.