October 3 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE) has agreed a EUR-220-million (USD 215m) top-up of an existing green loan from the European Investment Bank (EIB) for the purpose of developing, modernising and digitising the company's electricity distribution networks.
The two parties have entered into an agreement that brings the total EIB financing to around EUR 820 million, according to a news release. The funds are earmarked for the infrastructure investment plan of Iberdrola's Spanish electricity distribution business i-DE.
“The top-up of this green loan with the EIB will enable us to further develop Spain’s smart grids, which are essential for facilitating the integration of renewable energy production, boosting energy efficiency and improving the distribution network and the quality of supply,” commented Ignacio Galan, chairman and CEO of Iberdrola.
The project will have an impact on 12 Spanish regions.