Iberdrola SA - Bilbao, Spain-based power utility - Signs financing agreement with the European Investment Bank worth EUR1 billion to build a network of 19 solar power plants and 3 onshore wind farms in Spain, Portugal and Germany. The projects have a total capacity of 2.2 gigawatts, and envisage a joint investment of more than EUR1.7 billion. Iberdrola says this will "accelerate the energy transition and boost supply security, climate action and social cohesion in Europe".
The operation is part of the EIB's financing package in support of REPowerEU, the EU plan to strengthen Europe's energy autonomy.
Iberdrola Executive Chair Ignacio Galan says: "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."
Current stock price: EUR11.56, up 0.5% on Monday
12-month change: up 14%
By Holly Beveridge, Alliance News reporter
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