Spanish electric utility company Iberdrola has signed a €200 million loan with the European Investment Bank.
Iberdrola announced the signing of the loan at the beginning of the month, saying that it intends to use the funds to finance research, development, and innovation projects in two of its strategic business areas — Networks and Renewables. Specifically, the company said that the loan will support investments in upgrading smart grid efficiency, clean energy generation, and electric mobility projects in Spain and the United Kingdom.
The €200 million loan facility has a six-year maturity or repayment term, and all activities underneath the loan are part of Iberdrola’s 2015-2018 Innovation Plan, which in 2015 invested €200 million into research, development, and innovation — a 17% increase over the previous year.
Investing in Iberdrola is a pretty safe bet these days, especially when it comes to the company’s green intentions. Iberdrola was a part of a coalition of companies who had signed on to the new Offshore Wind Accelerator initiative earlier this year, as part of an investment consortium to finance the initiative. This followed the announcement that Iberdrola had successfully raised €1 billion in green bonds to refinance onshore wind energy projects across Spain, Portugal, and the United Kingdom.
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