The European Investment Bank (EIB) has extended financial support in the form of a €150 million green loan for Spanish energy group Iberdrola to undertake the construction of around 400 MW wind and solar PV projects in Italy.
With this loan, Iberdrola has secured half of the total estimated investment of €300 million that it expects this portfolio to incur. "We are pleased to collaborate with Iberdrola in the development of its first renewable plants in Italy, and our commitment to achieving climate targets," said EIB Vice-President Gelsomina Vigliotti.
The projects in this portfolio comprise small and medium sized solar PV and wind energy facilities along with their grid connection infrastructure. Iberdrola says these plants are mainly located in Southern Italy. It will also use the EIB financing to build ancillary infrastructure as access roads, substations, substations and interconnections.
Projects being supported are part of Iberdrola's around 3 GW pipeline in Italy, including a 23 MW operational PV plant and 4 other licensed and ready-to-build projects with 116 MW combined capacity.
The EIB financing follows the bank approving €70 million loan for the company for its 188 MW solar power projects in Portugal recently (see Solar Power Activity Picking Up Steam In Portugal).