Iberdrola, EIB sign EUR550 million green loan for wind, solar construction

The European Investment Bank (EIB) and Iberdrola have agreed to collaborate on the development of new renewable energy capacity in Spain. The EU bank will fund solar photovoltaic plants and wind farms in a number of Spanish municipalities, primarily in rural areas of Castilla y León and Extremadura, which the European Union considers cohesion regions.

EIB will provide a EUR550 million (US$561.5 million) green loan for the development of the portfolio totaling approximately 1.8 GW. These facilities will generate green and competitive energy equal to the annual consumption of approximately 1 million households. The total investment in wind farms will exceed EUR1.1 billion (US$1.12 billion).