IBDRY - Iberdrola signs Euro1B loan to build 22 solar wind plants in Europe

2023-06-12 11:59:37 ET

• Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) said Monday it will build a network of 19 solar energy plants and three onshore wind farms in Europe after signing a €1B loan (~$1.08B) with the European Investment Bank.
• The solar projects will be located in Spain, Portugal and Germany, with a total installed capacity of 2.2 GW, and provide energy equal to the average annual energy consumption of more than 1M households.
• The loan is part of the EIB's financing package in support of REPowerEU, the European Union's package of measures to tackle the energy crisis.
• The bank said the projects will be located mostly in cohesion regions where per-capita income is lower than the EU average, hoping to improve economic growth and employment in the regions.
• Separately, Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) confirmed a binding agreement to sell a 55% stake in its Mexican business to Mexico Infrastructure Partners for $6B.
• The company said it will maintain a portfolio of 6 GW in renewable energy projects in Mexico.

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