Iberdrola nabs EIB loan for 1.8 GW of Spanish renewables
Iberdrola solar farm. Image by Iberdrola (www.iberdrola.com)
Spanish utility group Iberdrola SA (BME:IBE) announced today that it has secured a EUR-550-million (USD 560.9m) green loan to finance some 1,800 MW of wind and solar energy projects at home.
The European Investment Bank (EIB) is lending the money.
Iberdrola said it will use the EIB financing to bankroll the construction of solar PV and wind farm projects across Spain, most of the them in rural areas of Extremadura and Castile and Leon. Among those that will benefit from the funding are the 200-MW Tagus and the 80-MW Almaraz solar farm schemes, and the 50-MW Valdemoro wind project.
The Spanish utility said that the investment in wind farms alone will total over EUR 1.1 billion.