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The European Investment Bank (EIB) has granted IBERDROLA a €200 million loan to finance investments aimed at modernizing and strengthening its electricity distribution network. EIB Vice-President Magdalena Álvarez Arza and IBERDROLA Chairman Ignacio Sánchez Galán signed the agreement in Luxembourg.
The EIB loan will support IBERDROLA’s investment programme on its grid in Spain for 2011, which includes the construction of a large number of electricity distribution facilities in different voltages, as well as the installation of smart meters.
The project's main objective is to expand and improve IBERDROLA´s electricity distribution infrastructure in order to increase safety, reliability and efficiency of energy supply, matching the expected increase in demand in the coming years for the benefit of both, consumers and producers. Among other advantages, the smart meter plan will provide consumers real time access to energy consumption information.
Investments under this agreement will be distributed throughout Spain, with 59% of them located in convergence regions.
The loan agreement signed between the EIB and IBERDROLA marks a new milestone in a long and fruitful collaboration between the two entities, dating back to the late 1980’s.
About the European Investment Bank (EIB)
The European Investment Bank (EIB) is the European Union´s long-term financing institution whose shareholders are members of the EU States. It provides long-term financing for viable investment projects to further achieve European objectives.
As part of the EU’s strategy of fostering sustainable, competitive and secure energy, the EIB gives priority to financing investment in renewable energies, energy efficiency, energy R&D and innovation, the diversification and security of the internal energy supply (including trans-European energy networks) and external energy security.
IBERDROLA is one of the leading global energy companies, with operations in 40 countries across four continents, providing service to more than 30 million customers.
Having embarked on a major growth and international expansion plan, IBERDROLA is now the largest Spanish energy group, the world leader in wind energy and one of the world’s five largest utilities by market capitalisation.
IBERDROLA's commitment to the development and modernization of the electrical grid highlights the company's effort to be at the forefront of technology whilst promoting the responsible use of energy and further improve the efficiency of its distribution network. Thus, allocating resources to improve and expand its electricity infrastructure and the progressive deployment of smart grids.
EIB: Matilde del Valle Serrano, email@example.com, +352 437983154
IBERDROLA: Departamento de Comunicación comunicación@iberdrola.es
+34 91 784 35 30