Iberdrola signs with EIB €200 million loan for innovation projects in networks and renewables
Iberdrola has signed with the European Investment Bank (EIB) a €200 million loan facility with a six-year maturity or repayment term. The funds will be used by the company to finance research, development and innovation projects (R&D&I) in two of its strategic business areas: Networks and Renewables. The projects are being developed in Spain and the United Kingdom where Iberdrola continues to roll out smart grids and is implementing solutions to improve the efficiency of its renewable energy assets.
Also, the EIB loan will support investment in innovative projects on electric mobility and energy storage. Activities under this agreement are part of the 2015-2018 Innovation Plan which in 2015 alone, invested €200 million in R&D&I, a 17% increase over the previous year. Since its foundation, the EIB has been one of the constant sources of finance for the Iberdrola group. At the moment, the company has outstanding operations with the bank for the various business areas – renewables, networks, retail and generation – and in countries including Spain, United Kingdom, Brazil and Mexico.