The Chairman of IBERDROLA, Ignacio Galán, and EIB Vice-President Carlos Da Silva Costa signed this morning in Madrid a EUR 450 million financing agreement to support the development of 31 wind farms and two min-hydropower plants located in various Spanish regions.
Promoting the reduction of polluting emissions is one of the priorities of the EIB, which reviewed its energy financing objectives in 2006 with the aim of supporting the implementation of the European Union’s key energy policies. This year the Bank created a dedicated environmental financing facility (the Climate Change Financing Facility), which forms the basis for this agreement – for the largest amount ever in Spain.
In this way the EIB is also fostering the development of clean energies. With this EUR 450 million loan divided into two tranches it is financing the construction of IBERDROLA’s wind farms in EU Objective 1 regions such as Galicia, Andalusia, Castilla-La Mancha and Cantabria, scheduled for entry into service in 2006 and 2007.
This agreement represents the latest step in the long-standing cooperation between IBERDROLA and the EIB on a range of projects such as the expansion of power grids and the financing of regasification plants in which the company has an interest, e.g. Sagunto and Bilbao Bizkaia Gas (BBG).
As the world leader in the wind energy market, IBERDROLA plans to achieve installed renewable energy capacity of 7 000 MW by 2009 and 10 000 MW by 2011. IBERDROLA’s renewable energy portfolio is located in 12 Spanish regions and seven other countries: Greece, Brazil, France, Germany, Portugal, the United States and the United Kingdom.