Iberdrola has obtained a €300 million (£258m) green loan to support renewable energy projects in emerging markets, including Morocco, Poland and Vietnam.
The International Finance Corporation, the private sector investment arm of the World Bank, is facilitating this financial support.
An allocated €170 million (£146m) will be directed towards onshore wind projects in Poland. Ongoing discussions between the institutions explore potential collaborations for clean energy projects, such as offshore wind and green hydrogen, in additional emerging markets.
The loan’s disbursement is contingent upon Iberdrola achieving specific ESG objectives.
These objectives include a more than 60% reduction in absolute direct and indirect greenhouse gas emissions by 2030 from the 2020 baseline and a doubling of the company’s installed renewables capacity by 2030.
José Sainz Armada, Iberdrola’s Director of Finance, Control and Corporate Development, said: “This loan will allow Iberdrola to continue contributing to the energy transition, decarbonisation and electrification of developing countries, which are still highly dependent on fossil fuels.”