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The European Investment Bank is providing Iberdrola with €440 million loan to modernise and decarbonise energy infrastructure in Spain.

The loan will be used to digitise the utility’s infrastructure to decarbonise the energy system.

The loan will help improve the reliability of the network and the quality of supply through enabling the integration of more renewables, sustainable mobility, smart cities and decentralised consumption.

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The loan will help Iberdrola to improve customer services.

 EIB Vice-President Emma Navarro, head of climate action at the Bank and its operations in Spain and Latin America, remarked: “To fulfil the objectives of the Paris Agreement, we need to mobilise resources on an unprecedented scale, and the EIB is seeking to lead the response to this challenge. We are the EU’s climate bank, and that is why we have strengthened our climate ambition. We are working on mobilising up to EUR 1tn over the coming decade through projects that, like the ones we are supporting today, are going to help with the transition towards a low-carbon economy by promoting renewable energies.”

Iberdrola has invested €100 billion in renewables, smart networks and efficient supply over the past 20 years.