Iberdrola has signed a top-up loan for €220 million (£191m) with the European Investment Bank (EIB) to boost smart grids in Spain.
The increase in the green loan, which brings the total to around €820 million (£713m), will support the development, modernisation and digitalisation of Iberdrola’s electricity distribution network.
The project, which impacts 12 Spanish regions, will improve the efficiency of the distribution network with automation and control and safeguard around 10,000 jobs a year.
It supports the development of the smart grid investment plan by i-DE, Iberdrola’s distribution company in Spain, over the period 2021-2023, involving a total investment of €1.8 billion (£1.56bn).
EIB Vice President Ricardo Mourinho Félix said: “The top-up of this facility is all the more important at a time of energy crisis. We at the EIB know that it is vital to boost electricity grids in order to see the growth of renewable energy, which is vital for ensuring security of supply and decarbonising the EU economy.
“The top-up of this green loan with Iberdrola is a further step towards this objective and it also translates into economic growth and employment in Spain.”