The Diplomat
The European Investment Bank (EIB) and Iberdrola have signed a EUR 70 million green loan for the development of new renewable energy plants in Portugal, in line with their goal of accelerating the country’s energy transition, reports Europa Press.
Specifically, the bank will finance five solar photovoltaic plants and their connection facilities to be located in the Portuguese regions of Algarve, Centro, Alentejo and Lisbon. These plants will be located in rural areas, considered cohesion regions by the European Union.
The investments to be undertaken under this agreement will boost economic growth and employment in the regions. Overall, the new infrastructures will create around 1,000 direct jobs during the construction phase, in addition to those generated in other related sectors.
The total capacity of Iberdrola’s portfolio of projects amounts to 188 megawatts and will produce enough green energy to supply more than 65,000 homes. In total, the investment amounts to 150 million euros.
The financing will also include ancillary infrastructure such as access roads, substations and interconnections. These investments will not only increase clean energy generation but also improve security of supply.
EIB Vice-President Ricardo Mourinho Félix said that this agreement “demonstrates” the Bank’s commitment to achieving the European Union’s climate objectives. “This project is an excellent example of the strategic partnership between the EIB and Iberdrola, united in supporting green economic recovery, green transition and Europe’s energy security,” he said.
Iberdrola’s finance director, José Sainz, explained that this partnership represents “a new boost” for Iberdrola’s projects in Portugal at a time when the energy transition is “more necessary than ever”. “The financing signed with the EIB is in line with Iberdrola’s commitment to supporting the energy transition in the country, where we aim to triple our photovoltaic capacity by 2023,” he said.
This is the second time that the EIB has provided finance for Iberdrola’s projects in Portugal, as it did for Tâmega, with a EUR 650 million loan.
