The European Investment Bank (EIB) will loan Iberdrola €150m to build 400MW of wind and photovoltaic projects in Italy.
The EIB will finance the small and medium-sized solar and wind farms as well as their grid connection infrastructure. These projects are mainly located in areas of southern Italy, regions receiving cohesion funds from the EU.
The financing will also include ancillary infrastructure such as access roads, substations and interconnections.
The projects will involve total investment of more than €300m and will produce green energy equivalent to the average consumption of up to 260,000 households.
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”.
Iberdrola Executive Chairman, Ignacio Galán 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.”