January 25 (Renewables Now) - Spanish energy company Iberdrola SA (BME:IBE) said today the European Investment Bank (EIB) will provide EUR 100 million (USD 121.5m) in financing to support the development of innovative and sustainable technologies in the period 2021-2023.

The new funds allow Iberdrola to invest in research and development (R&D) activities related to renewables, green hydrogen production and floating wind and photovoltaic (PV) installations. Iberdrola will also develop new solutions to integrate clean energy into the system through pumped storage hydropower plants (HPPs) and batteries.

In regards to its customers, the company will use the loan to develop energy efficiency and a more personalised service, with improvements in digitalisation, automation and cybersecurity.

With EUR 2 billion invested as part of its research, development and innovation (R&D&I) strategy in the last decade, Iberdrola is now targeting EUR 400 million of investments in this area by 2025, the firm noted.

(EUR 1.0 = USD 1.215)

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