Iberdrola secures €550mn EIB green loan

Funds will support 1.8GW expansion of onshore wind and solar capacity in Spain

Spanish utility Iberdrola has secured a €550mn ($562mn) green loan from the European Investment Bank (EIB) to support a 1.8GW expansion of onshore wind and solar capacity in Spain. The EIB, the lending arm of the EU, will finance photovoltaic plants and wind farms in a number of Spanish municipalities, mainly in rural areas of Castilla-Leon and Extremadura. Total investment in onshore wind, including the EIB funding, will be more than €1bn, Iberdrola says. "This financing agreement, which further strengthens our cooperation with the EIB, is a new boost for our projects in Spain at an important time when we need to speed up the energy transition and reduce our dependence on fossil fuels," say