Iberdrola and the European Investment Bank (EIB) have signed a new agreement to accelerate Italy’s transition to clean energy by constructing new renewable energy facilities. The EU Bank has approved a €150 million green loan for developing a group of wind and photovoltaic (PV) projects.
These projects will be able to generate approximately 400 megawatts (MW) of energy that will be both green and cost-effective. This amount of energy is equivalent to the average consumption of up to 260,000 households. The total cost of the project will be more than €300 million.
The EIB will fund small and medium-sized solar PV and wind power plants and the associated grid connection infrastructure. These initiatives will primarily be located in Italy’s southern regions, which receive European Union cohesion funds.
The financing will cover ancillary infrastructure and access roads, substations, and interconnections. This funding will not only increase clean energy generation but will also improve supply security. In addition, the investments made under this agreement will promote regional economic growth and employment. The new infrastructure will support approximately 600 temporary jobs each year during the construction phase.
In Italy, the company has a nearly 3,000 MW project pipeline, including a 23 MW PV plant that is already operational. In addition, four other licenced projects with a total capacity of 116 MW are ready for construction.
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 on 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.”
