EIB, Iberdrola sign €690m green project financing deals
The European Investment Bank and Spanish utility company Iberdrola have announced two new agreements worth €690 million to invest in renewable energy projects and electricity distribution networks.
Of the total, €250 million will go to financing the construction of 15 wind farms to be developed in the country by Neoenergia, the Iberdrola subsidiary in Brazil. These new facilities will be located in three states in the north east: Paraíba, Bahía and Piauí. Once operational, they will have a total installed power of 520MW and produce an annual average of 2,300 GWh of clean energy.
The EIB and Iberdrola also agreed a €440 million loan to finance new investments in Spain for infrastructure to help improve the reliability of the network and the quality of supply. The project will transform the networks into smart infrastructure that is more reliable and more secure.
