Spanish Iberdrola expands the Italian project pipeline with wind and photovoltaic projects at a combined 400MW capacity.

To that end, EIB extends a EUR 150m loan, informs Iberdrola in a press release.

Such projects demand a total investment of more than EUR 300m.

The EIB will fund small- and mid-sized photovoltaic and wind power plants as well as well as their grid connection infrastructure.

Iberdrola already has a project pipeline of almost 3,000MW in Italy.

”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,” says Iberdrola CEO Ignacio Galan.

During the last ten years, the EIB has channeled nearly EUR 100bn to the EU energy sector. The first nine months of 2022 alone, financial support from EIB comprised more than EUR 8.3bn, and the group has decided to boost its clean energy financing volumes, the statement reads.

Consequently, a further EUR 30bn will be invested over the next five years, and the EIB pledges to contribute to achieving the REPowerEU objective.