Iberdrola and the European Investment Bank (EIB) have made a new deal to speed up Italy's move toward clean energy by building new facilities that use renewable energy.

A €150 million green loan has been approved by the EU Bank for the creation of a group of wind and photovoltaic (PV) projects.

Together, these projects will have the capacity to generate approximately 400 megawatts (MW) of energy, which will be both green and cost-competitive. This amount of energy is equivalent to what up to 260,000 households consume on average. The entire project will require an investment of more than €300 million.

Small and medium-sized solar PV and wind power plants, along with their corresponding grid connection infrastructure, will be funded by the EIB. These initiatives will be primarily situated in the southern regions of Italy, which receive cohesion funds from the European Union.

In addition to access roads, substations, and interconnections, the financing will cover ancillary infrastructure. This funding will not only increase the generation of clean energy but also enhance supply security. The investments made under this agreement will foster economic growth and employment in the regions. During the construction phase, the new infrastructure will support around 600 temporary jobs each year.

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.”

The company has a project pipeline of nearly 3,000 MW in Italy, including a 23 MW PV plant that is already operational. Additionally, there are four other licensed projects with a combined capacity of 116 MW that are ready to be constructed.

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Source: Iberdrola