Iberdrola to modernise Spanish grid with EUR-600m investment

i-DE, the recently rebranded electricity distribution arm of Iberdrola SA (BME:IBE), will invest more than EUR 600 million (USD 682.4m) over the next ten years to support the transition of Spain’s main urban areas to smart cities.

The investments will be allocated to the improvement and digitalisation of the grid in order to integrate the energy resources necessary for the development of a smart city, Iberdrola said Wednesday.

The project is already underway in several city halls and autonomous regions of Spain. i-DE expects to take its initiative to more than 40 Spanish towns and cities in the regions in which it operates as a distributor over the course of 2019.

i-DE’s partnership with local administrations will focus on four strategic areas relevant for the development of a smart city -- electric mobility, smart grid infrastructure capable of absorbing more renewables and electric vehicles (EVs), efficient energy use and raising public awareness.

Iberdrola, through i-DE, operates a distribution system consisting of 270,000 kilometres (167,770 miles) of power lines in Spain. i-DE serves 17 million residents in ten regions of Spain.

(EUR 1.0 = USD 1.14)

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