The European Investment Bank (EIB) and Iberdrola have signed a €500m loan mean to upgrade Spain's power grids. Iberdrola will install smart grids in several Spanish regions.
Iberdrola is currently implementing the smart metering STAR project (“Grid Remote Management and Automation System” or Sistemas de Telegestión y Automatización de la Red ), which is estimated to be completed by 2018. The whole project cost amounts €2bn and aims at replacing over 10.6 million meters and at adapting about 80,000 transformer centres to the digitalization process. Iberdrola has the legal obligation to replace meters with power of 15 kW or less. Specifically, Iberdrola will be carrying out this investment in Aragón, Cantabria, Castilla-La Mancha, Castilla y León, the Valencia Region, Extremadura, La Rioja, Madrid, Murcia, Galicia, Asturias, Navarre and the Basque Country.