April 27 (Renewables Now) - Iberdrola SA (BME:IBE) has arranged to receive a EUR-1-billion (USD 1.05bn) green loan from Spanish lender Banco Santander SA (BME:SAN) to finance the procurement of wind turbines for its European projects.

The loan, which represents Iberdrola’s largest green borrowing, has a maximum term of 15 years and is guaranteed by a European export credit agency, the Spanish utility said.

The funds will be used mainly to finance the purchase of turbines for onshore and offshore wind farm projects in Spain, Poland, Greece, Germany and the UK, Iberdrola added. The company currently operates around 19.5 GW of onshore wind and some 1.2 GW of offshore wind capacity around the world.

(EUR 1.0 = USD 1.054)

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