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    First signature
    EUR 999,999,999.4
    Portugal, Germany, Spain
    See more


    € 999,999,999.4
    Portugal : € 44,300,000
    Germany : € 52,269,999.94
    Spain : € 903,429,999.46
    Energy : € 999,999,999.4
    Signature date(s)
    7/06/2023 : € 44,300,000
    7/06/2023 : € 52,269,999.94
    7/06/2023 : € 903,429,999.46
    Link to source

    Summary sheet

    Release date
    29 June 2023
    Signed | 07/06/2023
    Project name
    Promoter - financial intermediary
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 1000 million
    EUR 1790 million
    • Energy - Electricity, gas, steam and air conditioning supply

    Financing of a set of renewable energy projects across Spain, Portugal and Germany in support of the REPowerEU initiative.

    The operation is proposed to be structured as a framework loan aimed at financing part of Iberdrola's renewable energy projects in Spain, Portugal and Germany throughout the period 2023-2025. The pipeline of projects to be included under this operation will be a combination of onshore wind and solar-photovoltaic power plants.

    Additionality and Impact

    The project increases renewable energy generation capacity in Spain, Germany and Portugal and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on climate action (transversal), and partially on economic and social cohesion (transversal). The project produces electricity from low carbon sources (solar PV and onshore wind), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). As the schemes are expected to rely (at least partially) on revenues from the market (the wholesale market and/or unsubsidized commercial Power Purchase Agreements), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity and locational pricing), the project improves market efficiency and competition. The schemes are expected to be located mostly in EIB Cohesion Priority regions.

    The project has an excellent economic return considering the expected costs and the economic value of the electricity generated (factoring in fully the positive externalities). The promoter has a proven track record of international energy projects.

    The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering is more favourable than market alternatives under various dimensions (e.g. longer tenor, availability and grace periods, convertible or revisable rates, disbursement conditions). The promoter deems financing with an "EIB Green Loan" label as a stamp of quality on its investments and environment-related procedures and consistent with its green finance framework.

    Environmental aspects

    Iberdrola will be requested to comply with applicable national and EU legislation.

    Iberdrola will be requested to comply with applicable national and EU legislation.

    Under appraisal
    3 May 2023
    7 June 2023
    Link to source


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).


    Environmental and Social Data Sheet (ESDS) - IBERDROLA REPOWEREU FRAMEWORK LOAN
    Publication Date
    19 Jul 2023
    Document language
    Main Topic
    Document Number
    Document Focus
    Environmental Information
    Project Number
    Publicly available
    Download now

    News & Stories

    Inside the project

    How and Why

    Ensure a stable supply of energy


    • Strengthening Europe’s energy autonomy
    • Reduce greenhouse gas emission
    • Increased demand for cleaner forms of energy.


    • A €1 billion framework loan to finance many renewable energy projects
    • A network of 19 solar photovoltaic power plants and three onshore wind farms across Spain, Portugal, and Germany
    • New innovative technologies, such as hybridisation with a battery system, to ensure a more stable and reliable power supply.


    Boosting Europe’s energy autonomy

    • Up to 4 terawatt-hours of electricity, equal to the annual consumption of over one million households
    • 70% of the plants will be in rural areas affected by industrial transition to net zero and regions with lower per capita income than EU average.
    Massive solar and wind capacity and transmission networks across Europe.

    Play video




    Repowering Europe

    We offer training to people in these regions, giving them the knowledge and skills to operate, build, and work in solar power plants and wind farms.
    Jaime Celaya

    business developer, Iberdrola

    Jaime Celaya had always wanted to work in the renewable energy market, because of its impact on society. So, following his studies and some early professional experience, he joined Iberdrola, the largest energy company in Europe by market capitalization and a leader in renewables. In his role as a business developer, he evaluates, selects, and implements new energy projects that will help Iberdrola reach its goal of zero emissions by 2040.

    “It is a very dynamic and active sector, with new technologies, new mechanisms, new techniques appearing day-to-day,” he says. “Every day, I learn something new and acquire more knowledge.”

    Celaya will be working on Iberdrola’s ambitious plan to build an extensive network of 19 solar photovoltaic power plants and three onshore wind farms across Spain, Portugal and Germany.

    Developing renewables across Spain, Italy and Portugal will impact these countries and the European Union’s effort to tackle climate change, while increasing energy security.
    Elena Cuadros

    renewable energy engineer, European Investment Bank

    A new burst renewable of energy for Spain

    Incorporating renewable energy into our grids is difficult, because it doesn’t generate electricity consistently. Unlike fossil-fuel or hydropower plants that generate electricity on demand, solar panels and wind turbines rely on weather conditions and location. This means they produce varying and partially predictable amounts of electricity, making it hard for our energy grids to maintain a stable and consistent supply. This is the so-called renewable integration challenge.

    To tackle this issue, some of Iberdrola’s photovoltaic projects will include hybridisation with a battery system — combining two different sources, like wind and solar, with energy storage to ensure a more stable and reliable power supply.

    In 2023, the European Investment Bank backed another two Spanish companies, Red Eléctrica and Solaria,  to boost Spain’s green transition and support Europe’s energy security.




    EIB investments in energy projects in 2022

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