Massive solar and wind capacity and transmission networks across Europe.
Link to source
Data sheet
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Summary sheet
Release date
29 June 2023
Status
Reference
Signed | 07/06/2023
20220896
Project name
Promoter - financial intermediary
IBERDROLA REPOWEREU FRAMEWORK LOAN
IBERDROLA SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 1000 million
EUR 1790 million
Location
Sector(s)
Description
Objectives
Financing of a set of renewable energy projects across Spain, Portugal and Germany in support of the REPowerEU initiative.
The operation is proposed to be structured as a framework loan aimed at financing part of Iberdrola's renewable energy projects in Spain, Portugal and Germany throughout the period 2023-2025. The pipeline of projects to be included under this operation will be a combination of onshore wind and solar-photovoltaic power plants.
Additionality and Impact
The project increases renewable energy generation capacity in Spain, Germany and Portugal and contributes to national and EU 2030 climate objectives. The financing of this project also contributes to Bank's lending priority objectives on Energy (Renewable Energy) as well as on climate action (transversal), and partially on economic and social cohesion (transversal). The project produces electricity from low carbon sources (solar PV and onshore wind), addressing the market failure of negative climate and environmental externalities, through the reduction of carbon emissions and air pollution (compared to fossil-fuel generation). As the schemes are expected to rely (at least partially) on revenues from the market (the wholesale market and/or unsubsidized commercial Power Purchase Agreements), in a sector characterised by incomplete markets (limited forward/hedging, lack of scarcity and locational pricing), the project improves market efficiency and competition. The schemes are expected to be located mostly in EIB Cohesion Priority regions.
The project has an excellent economic return considering the expected costs and the economic value of the electricity generated (factoring in fully the positive externalities). The promoter has a proven track record of international energy projects.
The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering is more favourable than market alternatives under various dimensions (e.g. longer tenor, availability and grace periods, convertible or revisable rates, disbursement conditions). The promoter deems financing with an "EIB Green Loan" label as a stamp of quality on its investments and environment-related procedures and consistent with its green finance framework.
Environmental aspects
Procurement
Iberdrola will be requested to comply with applicable national and EU legislation.
Iberdrola will be requested to comply with applicable national and EU legislation.
Milestone
Under appraisal
Approved
Signed
3 May 2023
7 June 2023
Related documents
Related projects
Link to source
Summary sheet
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Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).
Documents
Environmental and Social Data Sheet (ESDS) - IBERDROLA REPOWEREU FRAMEWORK LOAN
Publication Date
19 Jul 2023
Document language
Main Topic
Lending
Document Number
167623704
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Fuentes - Estudio de Impacto Ambiental
Publication Date
31 Oct 2024
Document language
Main Topic
Lending
Document Number
235143934
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Casetona - Estudio de Impacto Ambiental
Publication Date
31 Oct 2024
Document language
Main Topic
Lending
Document Number
235165924
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Casetona - Resumen no Técnico
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
235157153
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Fuentes - Documento de Síntesis
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
234718919
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Informe de la prospección arqueológica enmarcada en la obra - Planta Solar Fotovoltaica Casetona
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
235150881
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Fuentes - Adenda Modificación No Sustancial - Estudio de Impacto Ambiental
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
235139909
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Ballestas - Resumen Ejecutivo
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
235154114
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
Download now
Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Casetona - Resumen Ejecutivo
Publication Date
1 Nov 2024
Document language
Main Topic
Lending
Document Number
235166846
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Valbuena - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235160207
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Peñarrubia - Documento de Síntesis
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235152602
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Los Manantiales - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235146190
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas II - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235146188
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas II - Adenda: Modificación de proyecto
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235166121
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Peñarrubia - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
234710058
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas I - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235142545
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas III - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235166430
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas III - Documento Síntesis Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235134870
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Peñarrubia - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235154111
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas I - Documento Síntesis Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235143935
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas I - Adenda: Modificación de proyecto
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235149422
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Los Manantiales - Documento de Síntesis
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
234718924
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Peñarrubia - Documento de Síntesis
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235152922
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas II - Documento Síntesis Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235163495
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Ballestas - Estudio de Impacto Ambiental
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235143961
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Ballestas - Resumen no Técnico
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235137583
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Environmental and Social Impact Assessment (ESIA) - IBERDROLA REPOWEREU FRAMEWORK LOAN - Planta Solar Fotovoltaica Salinas III - Adenda: Modificación de proyecto
Publication Date
4 Nov 2024
Document language
Main Topic
Lending
Document Number
235146189
Document Focus
Environmental Information
Document Type
Project Number
20220896
Sector(s)
Regions
Publicly available
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Link to source
Other links
News & Stories
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Inside the project
How and Why
Ensure a stable supply of energy
Why
- Strengthening Europe’s energy autonomy
- Reduce greenhouse gas emission
- Increased demand for cleaner forms of energy.
How
- A €1 billion framework loan to finance many renewable energy projects
- A network of 19 solar photovoltaic power plants and three onshore wind farms across Spain, Portugal, and Germany
- New innovative technologies, such as hybridisation with a battery system, to ensure a more stable and reliable power supply.
Sectors & Countries
Play video
2:15
Story
Repowering Europe
Jaime Celaya had always wanted to work in the renewable energy market, because of its impact on society. So, following his studies and some early professional experience, he joined Iberdrola, the largest energy company in Europe by market capitalization and a leader in renewables. In his role as a business developer, he evaluates, selects, and implements new energy projects that will help Iberdrola reach its goal of zero emissions by 2040.
“It is a very dynamic and active sector, with new technologies, new mechanisms, new techniques appearing day-to-day,” he says. “Every day, I learn something new and acquire more knowledge.”
Celaya will be working on Iberdrola’s ambitious plan to build an extensive network of 19 solar photovoltaic power plants and three onshore wind farms across Spain, Portugal and Germany.
Developing renewables across Spain, Italy and Portugal will impact these countries and the European Union’s effort to tackle climate change, while increasing energy security.
A new burst renewable of energy for Spain
Incorporating renewable energy into our grids is difficult, because it doesn’t generate electricity consistently. Unlike fossil-fuel or hydropower plants that generate electricity on demand, solar panels and wind turbines rely on weather conditions and location. This means they produce varying and partially predictable amounts of electricity, making it hard for our energy grids to maintain a stable and consistent supply. This is the so-called renewable integration challenge.
To tackle this issue, some of Iberdrola’s photovoltaic projects will include hybridisation with a battery system — combining two different sources, like wind and solar, with energy storage to ensure a more stable and reliable power supply.
In 2023, the European Investment Bank backed another two Spanish companies, Red Eléctrica and Solaria, to boost Spain’s green transition and support Europe’s energy security.
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