EIB grants EUR 200 million loan to Iberdrola for R&D projects
The European Investment Bank (EIB) has granted a EUR 200 million loan to Iberdrola to finance part of its research, development and innovation (RDI) programme. EIB Vice-President Magdalena Álvarez Arza and Iberdrola’s CEO, Ignacio Sánchez Galán, signed the finance contract in Madrid this morning.
The EIB will finance a number of activities under Iberdrola’s 2011-2014 programme of RDI investment in innovative technologies in the fields of: i) conventional energy generation; ii) energy transmission and distribution; and iii) renewable energy. The investments are aimed at diversifying the company’s range of products and services and adapting existing products to new markets.
These RDI activities are designed to increase the welfare of European consumers, especially by reducing the production and distribution costs of energy, including renewable energy, and by making technological advances. At the same time, they are expected to bring about a substantial improvement in the environmental impact of power generation and distribution.
The activities financed by the loan will be carried out at Iberdrola’s existing R&D facilities in the European Union – specifically Spain (70%) and the United Kingdom (30%). 33% of the investment will be implemented in Spain’s convergence regions.
The investments under this project will be made in different technological areas:
- Networks: upgrading the distribution network with attention to workplace safety, environmental concerns and the quality of the supply.
- Sustainable electricity generation: improving the operating conditions and reducing environmental impacts by rolling out more efficient generating plants and cutting emissions.
- Renewable energy sources: enhancing the efficiency of the various existing technologies and developing new generating technologies.
- Other technologies: sub-projects involving different transverse technologies that could be applied to other areas, e.g. energy storage, electric mobility.
Note to editors:
About the EIB
The European Investment Bank is the European Union’s long-term financing institution working to achieve the EU’s objectives. Founded in 1958, it operates in the 27 EU Member States and more than 130 other countries around the globe.
The EIB is heavily involved in financing investment designed to increase the competitiveness of the European economy and provides backing for RDI, education and training projects, the dissemination of new technologies and the development of information and communication technologies.
As part of the EU’s strategy of fostering sustainable, competitive and secure energy, the EIB gives priority to financing investment in renewable energies, energy efficiency, energy RDI, the diversification and security of the internal energy supply (including the trans-European energy networks) and external energy security.
Iberdrola is a leading global energy company, with a presence in more than 40 countries on four continents and over 30 million customers.
Following a dynamic process of growth and international expansion, Iberdrola is now Spain’s foremost energy group, a global leader in the wind sector and one of the top five power companies worldwide in terms of market capitalisation.
Iberdrola sees RDI as a strategic business pillar that will ensure that it can meet the challenges of the energy sector. Accordingly it has launched more than 150 projects designed to promote sustainable development, renewable energies and emerging technologies.