December 5 (Renewables Now) - Iberdrola SA (BME:IBE) and the European Investment Bank (EIB) on Thursday signed two loan agreements worth a total of EUR 690 million (USD 765.4m) that will support the Spanish energy giant’s wind projects in Brazil and distribution networks in Spain.
Of the total amount, EUR 250 million will finance the construction of 520 MW of wind capacity in Brazil, Iberdrola said. The company’s Brazilian unit Neoenergia SA (BVMF:NEOE3) will use the funds to develop 15 wind farms in the states of Paraiba, Bahia and Piaui.
The EUR-440-million loan will be invested in smart infrastructure in Spain, in projects to improve the reliability of the electricity network and ensure the quality of supply.
The signing took place at the UN Climate Change Conference (COP25) in Madrid, with Iberdrola affirming its commitment to efforts to limit the global temperature increase to 1.5 degrees Celsius above pre-industrial levels.
(EUR 1.0 = USD 1.109)