The European Investment Bank (EIB) has agreed to loan Spanish energy giant Iberdrola €550 million to build a 1.8GW portfolio of wind and solar PV projects in its home market. This includes just over 180MW of wind capacity.
Iberdrola plans to build the projects across Spain, but mainly in rural areas in Castilla y Leòn in the north-west of the country and Extremadura in the west.
Construction of the portfolio is projected to cost about €1.1 billion. The €550 million remainder will come from green bonds.
The projects will create around 2,100 jobs per year during construction, and further jobs in the operational phase, Iberdrola stated.
Iberdrola's CEO, Ignacio Galán said that the funding “gives a new boost to our projects in Spain at an important time when we need to accelerate the energy transition and reduce dependence on fossil fuels".
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