Iberdrola gets €120 M EIB loan
Iberdrola has sealed a €120 million ($129.8 million) debt financing deal supporting research and innovation in the energy sector with a focus on decarbonization.
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Spain, Madrid: Spanish utility Iberdrola has sealed a €120 million ($129.8 million) debt financing deal supporting research and innovation in the energy sector with a focus on decarbonization, including through renewables and green hydrogen use. The loan will be extended by the European Investment Bank (EIB). Iberdrola estimates the overall investment required for the initiative at €250 million.
Among the projects benefitting from the funding round will be solar photovoltaic (PV), wind and hydropower, together with technologies combining power generation and agricultural activities. Some of the proceeds will be set aside for the installation of green hydrogen plants and heat pumps and for solutions which facilitate the integration of renewables. The utility will use some of the funding for investments in projects related to digitalization, advanced data management and power electronics to create smart grids.
The whole investment plan is part of the Spanish utility’s 2024-2026 strategy to boost its efforts to decarbonize its activities. In line with that goal, Iberdrola has committed to spending more than €4 billion on research, development, and innovation activities by 2030.
Source: Renewables Now
