European Investment Bank Provides €108 Million in Eco-Friendly Loans to Spanish Energy Company Iberdrola
The European Investment Bank (EIB) has signed two green loans totalling €108 million with Spanish energy company Iberdrola. These funds will be used to upgrade the Valdecañas pumped-storage hydroelectric complex in Cáceres, Spain.
The upgrade will modernize the pumping capacity of the Valdecañas hydroelectric complex, boost energy supply, and integrate renewables more effectively. This move is in line with the EIB's plan to improve energy security in the EU and reduce dependence on fossil fuel imports.
The works at Valdecañas will directly create 165 jobs and a further 500 jobs indirectly. The upgrade is expected to help reduce CO2 emissions significantly, contributing to the EU's climate goals.
The remainder of the €108 million will come from the Regional Resilience Fund, set up by the Spanish government. The upgrade is part of the REPowerEU initiative, which aims to make the EU independent from Russian fossil fuels by 2030.
In addition to the EIB's investment, JICA has invested $40 million in Aavishkaar Capital's supply chain fund. Finnfund has also announced a €80 million first close of a digital access impact fund. These funds, along with the climate transition bond fund launched by Aegon AM, are all aimed at promoting sustainable development and social impact.
The digital access impact fund is posted in the categories of Development Finance and Financial Inclusion, while the climate transition bond fund is posted in the categories of Bonds and Energy Transition. The supply chain fund is posted in the categories of Blended Finance, Development Finance, Impact Ecosystem, and Social Impact.
Despite the Spanish company that received the green loans not being identified in the available search results, the upgrade of the Valdecañas pumped-storage hydroelectric complex is a significant step towards a more sustainable and secure energy future for the EU. Once completed, the complex will have 225 MW in total installed capacity, a 15 MW hybrid battery, and 7.5 megawatt hour of stored energy.
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