Iberdrola bags US$160 million EIB funding for 400MW Italian portfolio

Iberdrola said that it already has a planned project pipeline in Italy of around 3GW. Image: Iberdrola.

Spanish renewable energy provider Iberdrola has secured a €150 million (US$160 million) loan from the European Investment Bank (EIB) to develop 400MW of PV and wind projects in Italy.

The EIB money will go towards the development of small and medium-scale solar PV and wind projects and their accompanying grid connection infrastructure, predominantly in southern regions of the country. Most of the projects are in regions already receiving cohesion funds from the European Union, which are designed to support interconnection and cross-border networks of transport and technical infrastructure for member states.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Access roads, substations and other ancillary infrastructure will also be included in the EIB funding.

Iberdrola said that the 400MW project portfolio will require a total investment of €300 million (US$321 million).

Ignacio Galán, Iberdrola executive chairman said: “This new green loan signed with the EIB enables us to increase our contribution to a Europe capable of meeting its climate targets and increasing its energy independence. The European Investment Bank’s leadership is essential to achieve it.”

The company recently received environmental approval to begin developing what will be Europe’s ‘largest’ solar PV plant in Portugal, part of the plans it announced in November to reach 52GW of deployed renewables capacity by 2025 backed by a €17 billion investment target.

As the investment arm of the EU, the EIB has been investing heavily in energy security and renewables deployment under the bloc’s REPowerEU scheme designed to relieve its dependency on Russian gas supply.

In November 2022 it committed €30 billion (US$32.1 billion) in loans and equity financing over the next five years to mobilise renewables, storage, grid and electric vehicle infrastructure across the continent.

EIB vice-president Gelsomina Vigliotti said: “Securing financing to ensure a resilient and sustainable energy supply is a priority for the EU Climate Bank. We are pleased to collaborate with Iberdrola in the development of its first renewable plants in Italy, and our commitment to achieving climate targets”.

21 March 2024
4pm (GMT)
This special webinar will look at one of the most important changes impacting PV manufacturing today; how to establish and sustain new facilities around the world. For more than two decades, policy-makers have grappled with the challenges of nurturing domestic manufacturing sectors. Many countries have tried to create domestic sectors: Japan, Taiwan, South Korea, India, Europe and the U.S. But success stories have been rare. Mistakes seem to be repeated. And all the while, Chinese dominance of the industry has only increased. However, in the past 2-3 years, new drivers have emerged that suggest the dream of a global PV manufacturing ecosystem could be a reality. Join us as we shed light on this.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA