EIB and EDP secure €700m loans for renewables and grid expansion
Author: PPD Team Date: December 23, 2024
The European Investment Bank (EIB) and Portuguese utility EDP have signed two loan agreements worth €700 million ($726.8 million) to fund renewable energy projects and expand the power grid in southern Europe.
A €500 million loan, part of a €900 million green framework, will support EDP Renewables in deploying 1,943 MW of solar and onshore wind capacity across Portugal, Spain, and Italy by 2026.
These installations will generate green energy for over one million households annually and align with EDP’s target to add 18 GW of renewable capacity by 2026.
A €200 million loan, part of an €800 million investment loan, will modernize and expand EDP’s power grids in Spain and Portugal.
The project includes upgrading infrastructure, deploying smart meters, and improving energy management to integrate renewables and enhance grid resilience.