The European Investment Bank (EIB) has signed a €120 million loan agreement with Iberdrola to support energy technology research and innovation projects that will drive the electrification and decarbonization of the economy. The total investment for these projects is estimated at €250 million.
The funding will be used to advance innovation in renewable energy technologies, including solar photovoltaic, hydropower, wind energy, and hybrid and agrovoltaic projects. Additionally, technologies for decarbonizing energy demand, such as green hydrogen and heat pumps, will be explored and developed. The initiative will also focus on new solutions to integrate and manage renewable energy sources, enhance energy storage, and optimize efficiency across the value chain.
In terms of energy grids, the investment will prioritize digitization, advanced data management, and power electronics to promote smart grids. There will also be a focus on improving the cybersecurity and resilience of these networks. On the commercial side, projects will contribute to developing smart solutions to encourage self-consumption and electric mobility.
These efforts align with Iberdrola’s 2024-2026 strategic plan, which aims to accelerate decarbonization and support the electrification and digitalization of the global economy. The agreement will also support economic, social, and territorial cohesion, with around 27% of the total investment going to regions where per capita income is below the EU average.
EIB’s Commitment to Energy Security and Innovation
In 2023, the EIB Group provided over €21 billion in financing for energy security across Europe, with €4.513 billion allocated to Spain. This funding focused on renewable energy, energy efficiency, power grids, and storage projects, helping Europe transition to sustainable energy and reduce its dependence on fossil fuels.
Iberdrola’s Focus on Energy Innovation
Iberdrola is leading the way in electrification by incorporating new, clean, and efficient technological solutions. The company aims to double its investment in innovation, development, and research, surpassing €4 billion by 2030. These investments will focus on renewable energy, smart grids, digital transformation, green hydrogen, and customer-oriented solutions, helping to accelerate decarbonization and improve energy security, competitiveness, and sustainable job creation.
Iberdrola has been recognized by the European Commission as the world’s leading private electric utility in terms of R&D investment in its latest “2023 Industrial R&D Investment Scoreboard” report.
