Iberdrola SA has announced a EUR 120 million (USD 129.8 million) debt financing agreement aimed at advancing research and innovation in the energy sector, particularly focusing on decarbonisation initiatives, including the utilization of renewable energy and green hydrogen.
The financing will be provided by the European Investment Bank (EIB), with Iberdrola estimating the total investment needed for the initiative to reach EUR 250 million.
The funding will support various projects, including solar photovoltaic (PV), wind, and hydropower installations, as well as technologies that combine power generation with agricultural practices.
Additionally, a portion of the financing will be allocated for the development of green hydrogen facilities, heat pumps, and innovative solutions that enhance the integration of renewable energy sources.
Iberdrola plans to direct some of the funds towards investments in digitalisation, advanced data management, and power electronics, which are essential for creating smart grid systems.
This comprehensive investment strategy aligns with Iberdrola's goals for the 2024-2026 period, reflecting the company's commitment to decarbonising its operations. As part of this strategy, Iberdrola has pledged to invest over EUR 4 billion in research, development, and innovation activities by 2030.
