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Signature(s)

Amount
€ 120,000,000
Countries
Sector(s)
Spain : € 120,000,000
Energy : € 120,000,000
Signature date(s)
21/10/2024 : € 120,000,000
Link to source

Summary sheet

Release date
3 June 2024
Status
Reference
Signed | 21/10/2024
20240014
Project name
Promoter - financial intermediary
IBERDROLA DIGITAL AND ENERGY INNOVATION
IBERDROLA SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 120 million
EUR 250 million
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
Description
Objectives

The project will finance selected investments in Research, Development and Innovation (RDI) and sustainable initiatives during the 2024-2027 period in Spain. RDI activities concern the promoter's strategic business areas, such as innovative client solutions, cybersecurity and automation, new technologies for both electricity networks and renewable energy.

The aim is to finance the promoter's RDI programme focusing on renewables and electricity networks pilot projects, energy markets, IT infrastructure including smart solutions and cybersecurity. This operation will partially contribute towards climate action objectives.

Additionality and Impact

The Project is an investment programme of selected investments in Research, Development and Innovation (RDI) in the promoter's strategic business areas over the period 2024-2027. 

EIB financing covers a fundamental market failure related to access to finance for RDI projects such as Iberdola's and the related informational inefficiencies. The Promoter's RDI is ultimately targeted at building its competencies for the future, thus a considerable part of the investment costs are targeted towards the cross-cutting objective of climate change mitigation for RDI on renewable energy sources. The Project has been scoped to be fully aligned with the Bank's Energy Lending Policy and Public Policy Goals.

The financing through the EIB will strengthen the Promoter's capability to implement its innovation strategy, complement other financing sources and improve its credit risk profile by extending the debt maturity profile. EIB's favourable customised terms are highly appreciated by the Borrower. Therefore, the loan is expected to provide a positive signalling effect in the market.

Environmental aspects
Procurement

RDI activities that will be carried out in existing facilities without changing their already authorised scope. The project will therefore not require an Environmental impact assessment (EIA) under the directive 2014/52/EU amending directive 2011/92/EU. In case the project includes schemes that require EIA, the promoter will be requested to comply with applicable EU legislation, as appropriate. An EIA as per Directive 2014/52/EU amending the EIA Directive 2011/92/EU as well as the relevant Habitats and Birds Directives (92/43/EEC and 2009/147/EC respectively) might be needed for certain energy generation, transmission and distribution projects within the scope of financing. The Bank's services will verify relevant environmental details during the appraisal.

The promoter has to ensure that contracts for implementation of the project have been/will be tendered in accordance with the applicable EU procurement legislation, for contracts above the threshold Directive 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.

Milestone
Under appraisal
Approved
Signed
17 September 2024
21 October 2024
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - IBERDROLA DIGITAL AND ENERGY INNOVATION
Publication Date
26 Sep 2024
Document language
Main Topic
Lending
Document Number
223912455
Document Focus
Environmental Information
Project Number
20240014
Sector(s)
Regions
Countries
Publicly available
Download now

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