The European Investment Bank (EIB) has granted Iberdrola a loan of 200 million euros ($267.4 million) to modernise its electricity distribution grid. The agreement was signed by EIB Vice-President Magdalena Álvarez Arza and Iberdrola’s Chairman Ignacio Sánchez Galán. The EIB loan will support Iberdrola’s 2011 investment programme in its domestic grid to include the construction electricity distribution systems across all voltage ranges and the installation of digital meters.
The European Investment Bank (EIB) has granted Iberdrola a loan of 200 million euros ($267.4 million)for funding investments to modernise and enhance its electricity distribution grid. The agreement was signed in Luxembourg this afternoon by EIB Vice-President Magdalena Álvarez Arza and Iberdrola’s Chairman Ignacio Sánchez Galán.
The EIB loan will support Iberdrola’s 2011 programme of investment in its domestic grid, to include the construction of a large number of electricity distribution systems across all voltage ranges and the installation of digital meters.
The project’s main objective is to expand and improve Iberdrola’s electricity distribution infrastructure in order to improve the security, reliability and efficiency of the electricity supply, adapting it to predicted demand in the coming years, to the benefit of consumers and producers. The digital meters scheme will also make real-time information on energy use available to consumers, among other advantages.
Funding will be invested in projects all over Spain, with 59% of projects situated in the country’s convergence regions.
The loan agreement signed between the EIB and Iberdrola marks the continuation of long and successful collaboration between the two organisations, dating back to the late 1980s.
About the European Investment Bank (EIB):
The European Investment Bank (EIB) is the European Union’s long-term financing institution. Its shareholders are the EU Member States. It provides long-term funding for viable investment projects in order to help achieve the EU’s policy objectives.
As part of the EU’s strategy to foster sustainable, competitive and secure energy supplies, the EIB gives funding priority to projects that invest in renewable energy, energy efficiency, energy research, development and innovation, and 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 over 40 countries on four continents, serving over 30 million customers.
After strong growth and international expansion, Iberdrola is now Spain’s largest energy group, the global leader in wind energy, and one of the world’s five largest utility companies in terms of market capitalisation.
With its commitment to expanding and modernising its electrical grid, Iberdrola strives to be at the forefront of technology, as well as promoting responsible energy use and further enhancing the efficiency of its distribution network. The company therefore allocates resources to improving and expanding its electrical infrastructure and to the gradual deployment of smart grids.