energy resources
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The European Investment Bank has agreed to provide Iberdrola with €250 million to decarbonise its operations in Brazil.

The loan will be used by Neoenergia, a subsidiary of Iberdrola, to develop 15 wind farms in north-eastern Brazil in Paraiba, Bahia and Piaui.

The wind farms will have a total capacity of 520MW and will produce 2,300GWh of energy per annum. The projects will create up to 2,300 jobs and help Brazil to reduce carbon emissions as well as expand its renewable energy portfolio.

The loan has been issued as part of EIB’s Latin America Lending mandate 2014-2020 and is the first to be issued to Neoenergia by the EIB.