Spanish renewables operator Iberdrola is to receive €800 million ($893 million) in funding to develop over 20 Spanish renewable energy projects, Kallanish Energy reports.
Iberdrola signed an agreement on Wednesday with the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO), with the firm to receive €600 ($670) million and €200 ($223) million in investments, respectively.
The funding will be used by Iberdrola for the development and construction over 2,000 megawatts of renewable power capacity. Projects include the photovoltaic/solar plants and wind farms in several different areas of Spain.
The projects will provide green, “competitive energy” to power almost 1 million households per year. The company also highlighted the value of the projects for the Spanish economy in the face of the Covid-19 pandemic, estimating that 3,000 jobs could be created through such renewable infrastructure development.
“With the agreement we are signing today with the EIB and ICO, we are moving forward with our commitment to accelerate investment and put 3,000 MW of new capacity into service in Spain by 2022 and up to 10,000 MW by 2030,” said Ignacio Galán, president of Iberdrola.
“We are certain that this is the right path, supported by both the Spanish Integrated National Energy and Climate Plan (PNIEC) and the European Green Deal.”
Investment from the EIB will take the form of a green energy loan, in accordance with its Climate Awareness Bonds programme. The funding from the ICO is the third such green energy loan the organisation has provided to Iberdrola.