EIB, Iberdrola sign US $648 million green loan to improve Spanish networks
The European Investment Bank (EIB) and Energy firm Iberdrola have signed a €550m (US $648 million) green loan agreement to support the development of the company’s electricity distribution networks across Spain.
The loan will enable Iberdrola’s distribution network operator i-DE to roll out smart grids in Spain, contributing to a €1.5bn. network investment plan tha will be developed between 2021 and 2023.
The investment will contribute towards improving the resilience of the electricity grid and promote the modernisation of processes related to electricity distribution infrastructure, to cope with the rising energy demand.
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