The European Investment Bank (EIB) has signed a €120 million ($129 million) loan agreement with Iberdrola to support energy technology research and innovation projects aimed at accelerating electrification and decarbonisation in Spain. The total investment for the project will be €250 million ($270 million).
The EIB funding will drive innovation in renewable energy technologies such as solar photovoltaics, hydropower, wind power, hybridisation, and agrovoltaic projects. Additionally, the project will explore technologies for decarbonising demand, including green hydrogen and heat pumps. It will also investigate new solutions to integrate and manage renewable energy, enhance storage, and optimise energy efficiency across the value chain.
In the field of energy grids, investments will focus on digitisation, advanced data management, and power electronics to promote smart grids. The initiative also includes projects to strengthen network cybersecurity and resilience. In the commercial sector, the funding will support the development of smart, customised solutions to promote self-consumption and electric mobility.
These projects are part of Iberdrola’s 2024-2026 strategic plan to accelerate decarbonisation and advance the electrification and digitalisation of the global economy.
The financing agreement also promotes economic, social, and territorial cohesion, with around 27% of the total investment expected to be allocated to regions with per capita income below the EU average.
