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Iberdrola gets renewable energy financing for a record 450 million euros

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Iberdrola and the European Investment Bank have reached a financing agreement amouning to 450 million euros. The agreement covers the installation of 31 windparks all over Spain, and also some small hydro facilities. The BEI has reviewed its energy-related financing objectives in 2006 in order to support the implementation of the main EU policies concerning energy. Reducing emissions is among the top priorities.

The bank already offers environmental financing (Climate Change Financing Facility). This one is the "biggest one ever signed in Spain", according to the utility.

The money will be used in EU "preferent" areas of Spain (Level 1 Objective), such as Galicia, Andalusia, Castilla-La Mancha and Cantabria. These facilities will enter into operation between 2006 and 2007.

The operation will be part of Iberdrola's 2006-2009 Strategic Plan, aiming at reaching 7,000 MW by 2009, mainly through windparks. This capacity is expected to reach 10,000 MW by the end of 2011.

For additional information:
www.iberdrola.es
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