The funds will promote the development of innovative and sustainable technologies that are aligned with the energy transition, decarbonisation and electrification of the economy.
That will include research and development in renewables, production of green hydrogen, development of solar and floating wind projects as well as the integration of clean energy into the system through batteries and pumped hydropower plants.
Iberdrola also plans to develop new solutions for customers that promote energy efficiency as well as enhance electric mobility.
Chairman Ignacio Galán said: “R&D&I is in our company’s blood and we continue to be committed to being more innovative, more efficient and more customer-oriented. We must increase our ambition and the green revolution and innovation must be combined as key pieces in the economic recovery.
“We have been demonstrating this over the last two decades in a pioneering way and with agreements such as the one reached today with the European Investment Bank we will reinforce our innovation and research strategy to continue to anticipate the future, building solutions today so that we can meet the challenges of tomorrow”.