1. The European Investment Bank (EIB) and Iberdrola signed a €700 million green loan to expand the electricity distribution grid in Spain.
2. The loan will fund smart power grid development and expansion to integrate renewable energy sources and clean tech assets.
3. The project will create economic growth, job opportunities, and safeguard 10,000 jobs a year in 12 autonomous communities in Spain.
The European Investment Bank (EIB) and Iberdrola have signed a €700 million green loan to expand the electricity distribution grid in Spain. The loan will help finance smart power grid development, the integration of renewable energy sources, and the connection of clean tech assets like heat pumps and electric vehicles. This project will also support industrialization, economic growth, and job creation in Spain, protecting 10,000 jobs annually in 12 autonomous communities.
The initial tranche of €500 million was signed in Madrid by EIB director Jean-Christophe Laloux and Iberdrola director José Sainz Armada. This financing aims to modernize power grids, facilitate energy transition, ensure access to sustainable energy, and contribute to Europe’s energy independence. Iberdrola plans to use the loan to accelerate decarbonization efforts, expand smart grid development, improve efficiency, and contribute to the electrification of the economy in Spain.
The total investment in the smart grid project is €1.44 billion, with Iberdrola providing the remaining €740 million. Iberdrola operates one of the largest electricity distribution systems globally, serving over 35 million customers in Spain, the US, UK, and Brazil. The company is committed to sustainability, with over €54.5 billion in green or sustainability-linked financing by the end of 2023, including more than €20.2 billion in green bonds.