Iberdrola and EIB ink a $560Mn worth deal to boost renewables in Spain

By Tejaswita Tiwari  | Date: 2022-07-25

Iberdrola and EIB ink a $560Mn worth deal to boost renewables in Spain

The European Investment Bank (EIB) has reportedly signed an agreement with Iberdrola to drive Spain’s energy transition efforts by enhancing its renewable capacity.

As a part of the deal, EIB will provide a green loan worth $560 million for the construction of a suite of projects with an overall capacity of 1,800 megawatts.

It is also imperative to note that these facilities will focus on producing green energy equivalent to the average annual consumption of approximately one million households.

Following this latest renewables initiative, the total investment in the development of wind farms will surpass $1.1 billion.

Sources claim that the new infrastructure projects are expected to boost the employment opportunities with nearly 2,100 jobs per year during the construction phase. This is barring the job opportunities in the operation phase and those generated in other related sectors.

Besides its significant capacity to accelerate sustainable recovery of the economy and boost job creation, the initiative is centered around a strategic value that aims at strengthening the European energy’s self-sufficiency through renewable energies.

Essentially, the EIB will support wind farms and photovoltaic plants in several Spanish municipalities in the rural parts of Castilla y León and Extremadura – cohesion regions of the European Union (EU).

Some of the projects to receive a portion of the funding include 80 MW Almaraz photovoltaic plants and 200 MW Tagus in Extremadura as well as Castilla y León’s 50 MW Valdemoro wind farm.

It has also been reported that Spain owing to these investments, will not only be able to amplify clean energy generation but also improve the security of supply.

It is worth noting that this operation aids in achieving the EU’s target of striking 32% of energy from renewable sources in gross final energy consumption by 2030, which the European Commission plans on extending to 45%, as per the latest release.

In addition to this, the initiative will also support Spain in achieving 42% renewable energy targets for 2030 outlined in the National Integrated Energy & Climate Plan (PNEIC) 2021-2030.

Source Credit: https://www.evwind.es/2022/07/24/iberdrola-signs-a-e550m-green-loan-with-the-eib-to-boost-renewables-in-spain/87120

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Tejaswita Tiwari     thisisourtownrichmond.co.uk

Tejaswita Tiwari

Being born in a family of readers, Tejaswita has always had a natural flair for writing, using that enthusiasm to become a full-fledged writer after earning her MBA in Marketing. Her insatiable curiosity to learn about various verticals has made her a popular research...

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