Monday 5 August 2024

€500 million secured for green projects

€500 million green loan secured for renewable energy projects in America, Italy and Australia

Iberdrola, HSBC, financial services providers Sabadell and Instituto de Crédito Oficial (ICO) have received a green loan of €500 million (£424 million).

The funds will be used to finance wind, solar PV and battery storage projects in the US, Australia and Italy.

The projects will come into operation between 2025 and 2026 and are expected to generate 897MW.

In March, Iberdrola also signed a €700 million (£594 million) green loan with European Investment Bank for the expansion of electricity grids in Spain.

Iberdrola’s total loans now exceed €2.5 billion (£2 billion).

This is part of the company's goal to invest €41 billion (£34 billion) between 2024 and 2026 in networks, renewables and storage to boost the electrification of the economy.

The green loan is insured by insurance provider Cesce, on behalf of the Spanish State.