Spanish utility Iberdrola has signed a financing agreement worth €1 billion (US$1.08 billion) with the European Investment Bank (EIB) to build 19 solar power plants and three onshore wind farms in Europe.
The solar projects will be located in Spain, Portugal and Germany. With a total installed capacity of 2.2GW, the projects will integrate renewables into grids, while some PV projects will be co-located with wind power and battery systems for energy storage to ensure a more stable supply to the grid.
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Additionally, the projects will be mostly located in cohesion regions where per-capita income is lower than the EU average, as the EIB hoped to boost economic growth and employment in the regions.
These new projects will also support the national energy plans of the three countries and help Iberdrola achieve its 2040 net zero emissions target.
“This major financing agreement covering three countries highlights the EIB’s continued firm commitment to accelerating the energy transition in Europe and to ensuring access to affordable, clean power for all Europeans,” said EIB vice-president Ricardo Mourinho Félix.
In total, the projects will have a joint investment of more than €1.7 billion, accelerating the energy transition and boosting supply security, climate action and social cohesion in Europe, according to the EIB.
Iberdrola secured a €150 million loan from the EIB to develop 400MW of PV and wind projects in Italy, earlier this year. The EIB financing would 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.
Lastly, Iberdrola previously announced it was investing in 1.3GW of renewable capacity in Spain with the sovereign wealth fund of Norway, of which solar PV projects account for 80% of the capacity.