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Iberdrola receives €800 million in financing to boost green recovery in Spain

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Iberdrola has signed an agreement with the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) to promote green recovery through the development of new capacity for renewable energy in Spain.

The EIB and ICO will provide the Spanish energy business with €600 million and €200 million respectively to fund the construction of over 20 projects with a total capacity greater than 2.000 MW.

Such new facilities would provide renewable, affordable energy equal to the average annual energy use of almost 1 million households.

The contributions made under this agreement would have a significant effect on economic and job development – all of which are of great significance in the light of current events – while also helping to combat climate change.

Throughout the construction process , the new infrastructure would allow the development of a total of 3.000 direct jobs, as well as those created in other related sectors, until 2023.

In concrete terms, in many different areas of Spain, most of which are transition regions, the EIB and ICO will fund photovoltaic plants and wind farms.

Part of the funding from these loans will go to a new 328 MW solar power plant in Cáceres, in the municipalities of Ceclavín and Alcántara.

More ventures, including wind farms and solar plants in a wide variety of Spanish areas, have been evaluated to benefit from funding under this credit line. These will not only increase renewable energy production, they will also boost security of supply for Spain and diversify its energy mix.

“The green recovery is the perfect opportunity to generate sustainable growth and massive future employment. With the agreement we are signing today with the EIB and ICO, we are moving forward with our commitment to accelerate investment and put 3 000 MW of new capacity into service in Spain by 2022 and up to 10 000 MW by 2030. In doing this, Iberdrola will create 20 000 high quality jobs in our country. We are certain that this is the right path, supported by both the Spanish Integrated National Energy and Climate Plan (PNIEC) and the European Green Deal.

Ignacio Galán, president Iberdrola.

We are happy to continue working with Iberdrola to support infrastructure enabling Spain to take advantage of its huge renewable energy potential, and contributing to economic growth and employment at this critical time. This agreement is yet another example of our commitment, as the EU climate bank, to support operations facilitating the transition to a low-carbon economy.” She highlighted “the dual role of green investment as a key focus for the economic recovery following the COVID-19 crisis and as a basic component of long-term growth in Europe.

Emma Navarro, vice-president EIB.

The agreement reached today strengthens the EIB and ICO’s partnership to promote the development of renewable energy projects by Spanish companies like Iberdrola. Fostering green investment is a key focus for securing a sustainable recovery with a positive impact on creating and safeguarding jobs.

José Carlos García de Quevedo, chairman ICO.
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