Spanish utility group Iberdrola and the European Investment Bank (EIB) sign off on a deal to further amplify EU-wide renewable energy developments.

The two parties ink a new financing agreement worth EUR 1bn that is to result in 19 solar power plants and 3 onshore wind farms in Spain, Portugal, and Germany, Iberdrola announces in a press release.

The projects call for a combined investment of EUR 1.7bn, and the total installed capacity amounts to 2.2GW. The agreement is part of the REPowerEU initiative, aiming at eliminating bloc dependence on Russian gas as well as ramping up clean energy production output.

”As one of the main partners of the EIB, it is a pleasure for us to have the bank support again through this loan, which represents a significant contribution to accelerate Europe’s energy independence – in line with the REPowerEU Plan of the European Union – achieve climate objectives and continue creating economic growth and employment in the continent,” says Iberdrola chair Ignacio Galán in the press statement.

Back in 2022, the EIB group pledged to finance more than EUR 17bn for the energy transition in Europe. That same year, Spain received a record EUR 3.1bn in financing for sustainable energy and natural resources projects, making the country the second-largest recipient of financing in the EU.