EIB and Iberdrola announce €690m funding agreement

The European Investment Bank (EIB) and Iberdrola have announced two new agreements at the Climate Change Conference (COP25) being held in Madrid. EIB will provide €250 million ($275 million) to finance construction of 15 Brazilian wind farms to be developed  by Iberdrola subsidiary Neoenergia. The new facilities will be located in Paraiba, Bahia and Piaui in the country's north east. The investment will be made over a five-year period. The EIB will make a further €440 million available to finance new investments in Spain for infrastructure to improve the reliability of the network and the quality of supply.