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EIB and Iberdrola Sign 1 Billion Euro Agreement for Renewable Energy Portfolio in Europe

He European Investment Bank (EIB) and Iberdrola Have signed a new financing agreement worth 1,000 million euros for the construction of a portfolio of photovoltaic (19) and wind (onshore) (3) plants in Spain, Portugal and Germany. The agreement, as Iberdrola has stressed in a joint statement, will speed up the energy transition in Europe.

The construction of these plants will mobilize a joint investment of more than 1,700 million and its total installed capacity will be 2,2 GW.

Iberdrola has explained that the project will have an innovation component that will help the integration of renewables. Some of the photovoltaic projects will include hybridization with wind energy and with battery systems for energy storage. Hybrid systems make it possible to generate photovoltaic energy when the sun shines and wind energy when the wind blows, complementing each other and sharing the same connection point to guarantee a more stable supply, the company explained.

Newly built plants will generate green energy equivalent to the approximate average consumption of more than one million households in a year and to a large extent they will be located in cohesion regions where per capita income is below the European Union average, demonstrating the EIB’s commitment to economic and social convergence, the statement details.

This new project will contribute to the national energy plans of the three countriesin addition to Iberdrola’s net zero emissions target set before 2040.

“As one of the main partners of the EIB, it is a pleasure for us to have your confidence again through this loan, which represents a huge boost 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 on the continent”, declared Ignacio Galán, Chairman of Iberdrola.

2023-06-12 08:50:56
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