EIB grants €120 million loan to Iberdrola for energy innovation in Spain
Author: PPD Team Date: October 24, 2024
The European Investment Bank (EIB) has signed a €120 million loan agreement with Iberdrola to support research and innovation in energy technologies, focusing on accelerating electrification and decarbonisation. The total investment associated with these initiatives amounts to €250 million. The funding will be directed toward the development of renewable energy technologies, including solar photovoltaic, hydro, wind power, hybrid, and agrovoltaic projects. It will also support research into decarbonisation technologies such as green hydrogen and heat pumps.
The investment extends to grid digitisation, advanced data management, and power electronics to enhance smart grid development. Efforts to strengthen the cybersecurity and resilience of distribution networks are also included. Commercially, the projects will advance smart solutions for self-consumption and electric mobility. Approximately 27 percent of the total investment will be allocated to regions with per capita income below the EU average, supporting economic, social, and territorial cohesion.
Earlier in 2024, Iberdrola and bp launched a joint venture under Castellón Green Hydrogen S.L., greenlighting the construction of a 25 MW green hydrogen plant at bp’s Castellón refinery. The plant is expected to begin operations by mid-2026.