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EIB and Iberdrola sign Pacts for Renewable Energy Projects in Brazil and Electrical Networks in Spain

Power News - Published on Fri, 13 Dec 2019

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At the Climate Change Conference COP25 in Madrid, the EIB and Iberdrola announced two new agreements to promote climate action by investing in renewable energy projects and electricity distribution networks. To do so, the Vice-President of the EU bank Emma Navarro and the President of Iberdrola Ignacio Galán agreed two loans for a total of EUR 690 million.

Of the EUR 690m total, EUR 250 million will go to financing the construction of 15 wind farms to be developed in the country by Neoenergia, the Iberdrola subsidiary in Brazil. These new facilities will be located in three states in the north east: Paraíba, Bahía and Piauí. Once operational, they will have a total installed power of 520 MW and produce an annual average of 2,300 GWh of clean energy. Commissioning these wind farms will help to reduce CO? emissions and increase the proportion of renewable energy in the country's electricity generation. The investments in these new wind farms will be made over a five-year period and will enable the creation of 2,300 jobs.

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Posted By : Rabi Wangkhem on Fri, 13 Dec 2019
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