Spanish power utility company Iberdrola has obtained a €690m financial package from the European Investment Bank (EIB) to invest in Brazil and Spain. Around €250m will be earmarked to finance the construction of 15 wind parks in Brazil, developed by Iberdrola’s Brazilian subsidiary Neoenergia. With a total installed capacity of 520 MW, these new power plants will be located in three states in the northeast: Paraíba, Bahía and Piauí. In addition, the European institution granted a €440m loan to Iberdrola with the objective to finance new investments in Spain for infrastructure to help improve the reliability of the network and the quality of supply
In November 2019, the EIB has unveiled its new climate strategy and energy lending policy and decided to stop financing unabated fossil fuel projects (including gas) from the end of 2021. Moreover, the bank will support €1,000bn of investments in climate action and environmental sustainability from 2021 to 2030. It will also gradually raise the share of its financing dedicated to climate action and environmental sustainability to reach 50% of its operations from 2025 and will align its financing activities with the goals of the Paris Agreement by the end of 2020.
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