Got net-zero news, project updates, or product launches to share? £500m secured for eco-friendly projects
Monday 5 August 2024
Exciting news in the world of renewable energy as a substantial €500 million green loan has been secured for upcoming projects in America, Italy, and Australia. Iberdrola, well-known financial entities HSBC, Sabadell, and the Instituto de Crédito Oficial (ICO) have successfully acquired this significant boost (£424 million).
The primary objective of this substantial fund infusion is to provide financial support for various wind, solar PV, and battery storage projects in the US, Australia, and Italy. These projects are expected to be operational between 2025 and 2026 and are forecasted to generate a substantial 897MW of energy.
Prior to this recent achievement, Iberdrola had also secured a €700 million (£594 million) green loan in March with the European Investment Bank. This funding was allocated for the expansion of electricity grids in Spain, highlighting the company’s commitment to enhancing sustainable infrastructure.
With this recent green loan secured, Iberdrola’s total loans have now surpassed an impressive €2.5 billion (£2 billion). This significant capital influx is in line with the company’s ambitious plan to invest a staggering €41 billion (£34 billion) between 2024 and 2026 in networks, renewables, and storage to drive the electrification of the economy forward.
Notably, this green loan has been insured by insurance provider Cesce, acting on behalf of the Spanish State, adding an extra layer of security and sustainability to the financial backing of these crucial projects.
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