The European Investment Bank (EIB) and Iberdrola have signed a new agreement to accelerate Spain’s energy transition by developing new renewable-energy capacity.
The EU bank will provide a €550 million ($561 million) green loan for the construction of a portfolio of projects with a total capacity of about 1,800 megawatts. These facilities will produce green, competitive energy equivalent to the average annual consumption of about 1 million households.
The total investment in the wind farms will amount to more than €1.1 billion ($1.12 billion).
The EIB will finance solar photovoltaic plants and wind farms in several Spanish municipalities, mainly in rural areas of Castilla y León and Extremadura, which are considered cohesion regions by the European Union. Part of the funding will go to projects such as the 200-megawatt Tagus and 80-megawatt Almaraz solar photovoltaic plants in Extremadura, and the 50-megawatt Valdemoro wind farm in Castilla y León.