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    Reference: 20220896
    Release date: 29 June 2023

    Promoter – Financial Intermediary




    Financing of a set of renewable energy projects across Spain, Portugal and Germany in support of the REPowerEU initiative.

    Additionality and Impact

    The project increases renewable energy generation capacity in Spain, Germany and Portugal and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on climate action (transversal), and partially on economic and social cohesion (transversal). The project produces electricity from low carbon sources (solar PV and onshore wind), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). As the schemes are expected to rely (at least partially) on revenues from the market (the wholesale market and/or unsubsidized commercial Power Purchase Agreements), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity and locational pricing), the project improves market efficiency and competition. The schemes are expected to be located mostly in EIB Cohesion Priority regions.

    The project has an excellent economic return considering the expected costs and the economic value of the electricity generated (factoring in fully the positive externalities). The promoter has a proven track record of international energy projects.

    The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering is more favourable than market alternatives under various dimensions (e.g. longer tenor, availability and grace periods, convertible or revisable rates, disbursement conditions). The promoter deems financing with an "EIB Green Loan" label as a stamp of quality on its investments and environment-related procedures and consistent with its green finance framework.


    The operation is proposed to be structured as a framework loan aimed at financing part of Iberdrola's renewable energy projects in Spain, Portugal and Germany throughout the period 2023-2025. The pipeline of projects to be included under this operation will be a combination of onshore wind and solar-photovoltaic power plants.


    • Energy - Electricity, gas, steam and air conditioning supply

    Proposed EIB finance (Approximate amount)

    EUR 1000 million

    Total cost (Approximate amount)

    EUR 1790 million

    Environmental aspects

    Iberdrola will be requested to comply with applicable national and EU legislation.


    Iberdrola will be requested to comply with applicable national and EU legislation.


    Signed - 7/06/2023

    Under appraisal
    3 May 2023
    7 June 2023


    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).

    Related tags

    Germany Portugal Spain Energy