Iberdrola pockets €800m to drive renewable growth in Spain

Facebook
Twitter
LinkedIn
Reddit
Email
Iberdrola's 500MW Nunez de Balboa project (pictured) was completed earlier this year. Image: Iberdrola.

Spanish utility Iberdrola has landed €800 million (US$903 million) in funding from the European Investment Bank (EIB) and Instituto de Crédito Oficial (ICO) to spearhead new renewable energy deployment throughout Spain.

The financing package will be put towards the construction of more than 20 solar and wind projects in Spain with a total capacity greater than 2GW.

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

Iberdrola has signed a green energy loan worth €600 million with the EIB, while the financing issued by the ICO – Spain’s state-owned bank and lending institution – is the third such loan it has granted to Iberdrola for the development of renewables.

Part of the combined financing package will be used to support Iberdrola’s 328MW Cáceres solar farm, located in the Ceclavín and Alcántara municipalities in Spain’s Extremadura, a hotbed of solar PV activity. The project itself will supply power to telecoms giant Orange, it was confirmed earlier this year.

Additional wind and solar projects in various regions in Spain have been identified to be constructed between now and 2023.

Iberdrola said more than 3,000 direct jobs would be created during the construction phase, as well as “several hundred” permanent positions, with the financing going some way to supporting a green recovery to the ongoing COVID-19 crisis in Spain.

Ignacio Galán, president at Ibedrola, said a green recovery from the pandemic is the “perfect opportunity to generate sustainable growth and massive future employment.” 

“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,” he said.

Iberdrola has been on the charge in Spain, bringing forward a number of significant utility-scale projects – including Europe’s largest to date – as it looks to take leading role in Spain’s solar resurgence. In April the utility promised to accelerate planned investments in renewables to stimulate economic recovery in the country.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

August 8, 2025
This week several solar developers have raised funds for projects around the world, including BRUC in Europe, Greenalia in the US, Qair in Mauritius and CREC in Philippines.
August 8, 2025
German solar inverter manufacturer SMA Solar posted losses in the first half of 2025, as demand in the residential and corporate & industrial (C&I) solar sectors 'remains weak'.
August 8, 2025
US solar tracker manufacturer Array Technologies has posted revenue of US$362.2 million in the second quarter of this year.
Premium
August 6, 2025
PV Talk: LevelTen’s Andrés Acosta discusses how an oversupply of clean projects is shaping Europe’s PPA market.
August 6, 2025
Independent power producer (IPP) Scatec has secured BRL150 million (US$27 million) for its 142MW solar PV plant in Minas Gerais, Brazil. 
August 5, 2025
China’s leading polysilicon firms are reportedly considering shutting down one third of the country’s polysilicon capacity and restructuring the sector, following years of overcapacity and tumbling prices.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines