EIB and Iberdrola Partner to Accelerate Portugal’s Energy Transition with €150m Investment

The European Investment Bank (EIB) and Iberdrola have joined forces to promote Portugal’s energy transition by developing new renewable energy plants. The EU bank has provided a €70m green loan for the construction of a portfolio of projects with an overall capacity of 188MW. These solar PV plants, located in the Portuguese regions of Algarve, Centro, Alentejo and Lisbon, will generate enough electricity to meet the average consumption needs of more than 65,000 households.

In addition to the solar power plants, the financing package also includes infrastructure such as access roads, substations and interconnections. The total investment is estimated at €150m. EIB Vice-President Ricardo Mourinho Felix commented: “This project is a great example of how the EIB – Europe’s climate bank – can work together with Iberdrola – a global leader in renewables – to support Europe’s green recovery and energy security.“ Jose Sainz, Iberdrolas Chief Financial Officer added: „This collaboration with the EIB is an important step forward for our projects in Portugal. It reinforces our commitment to reducing our dependence on fossil fuels through increased use of renewable energy sources.“

Summary

• The EU bank will provide a €70m green loan for the construction of a portfolio of projects with a total capacity of around 188MW.
• The financing will go to five solar PV plants and their connections to the grid, located in the Portuguese regions of Algarve, Centro, Alentejo and Lisbon.
• These new facilities will produce green and competitive energy equivalent to the average consumption of more than 65,000 households.

What projects are being funded by the new agreement between the European Investment Bank (EIB) and Iberdrola?

The projects being funded by the new agreement between the European Investment Bank (EIB) and Iberdrola are five solar PV plants and their connections to the grid, located in the Portuguese regions of Algarve, Centro, Alentejo and Lisbon.
Picture source: Christian Wiediger