Construction of a portfolio of wind and photovoltaic (PV) projects with a total capacity of 400 MW is on its way. EIB grants Iberdrola €150 million green loan to build RE Plants in Italy to accelerate sustainable growth in the renewable energy sector.
Iberdrola and the European Investment Bank (EIB) signed a new agreement to accelerate the energy transition process in Italy by developing new renewable energy plants. Wind and PV project facilities will produce competitive and green energy equivalent to the average consumption of around 260, 000 households with the total investments of more than €300 million.
Investments undertaken under this agreement will boost both employment and economic growth in the region. “Securing financing to ensure a resilient and sustainable energy supply is a priority for the EU Climate Bank. We are pleased to collaborate with Iberdrola in the development of its first renewable plants in Italy, and our commitment to achieving climate targets,” EIB Vice-President, Gelsomina Vigliotti, said.
To this Iberdrola Executive Chairman, Ignacio Galán, added, “This new green loan signed with the EIB enables us to increase our contribution to a Europe capable of meeting its climate targets and increasing its energy independence. The EIB’s leadership is essential to achieve it.”
In October 2022, the directors of the European Investment Bank decided to raise finance volumes for Europe with an aim to end Europe’s dependency on Russia for fossil fuel imports. This is done to record levels in support of the objective of REPowerEU. Sub-stations, interconnections, and access roads are some of the ancillary infrastructures that will be included in the financing, leading to improved security levels in the region along with an increased supply of green energy.
A 300 MW pipeline project is already under operation in Italy, including a 23 MW photovoltaic plant along with 4 other ready-to-build projects with a joint capacity of 116 MW. There is continuous progress for Iberdrola with its sustainability strategy based on electrifying the economy, combating climate change along with creating jobs and wealth in the operating community.
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In the next 5 years, there will be another investment of around €30 billion from EIB to support Europe’s energy sector. Further, the REPowerEU package could be mobilizing an additional investment of around €115 by 2027. Overall, the EIB Group has a goal of mobilizing around €1 trillion for climate finance.
The European Investment Bank invested around €100 billion into Europe’s energy sector. These investments are helping Europe to overcome the energy crisis that arose due to recent gas supply cuts from Russia.
In 2022, EIB signed financial support of about €8.3 billion to strengthen the resilience of the European economy by improving its storage projects, energy efficiency, power, and renewable. And the journey began with EIB grants Iberdrola €150 million green loan to build RE Plants in Italy towards a greener future.