Iberdrola has signed a new financing agreement worth €1 billion with the European Investment Bank (EIB) to build an extensive network of 19 solar power plants and three onshore wind farms in Spain, Portugal and Germany.

The agreement was signed in Madrid by EIB vice-president Ricardo Mourinho Félix and Iberdrola executive chairman Ignacio Galán.

The new installations will provide green energy equal to the average annual energy consumption of more than 1 million households and they will be located mostly in “cohesion regions” where per-capita-income is lower than the EU average.

“With a total installed capacity of 2.2 GW, the projects envisage a joint investment of more than €1.7 billion, which will accelerate the energy transition and boost supply security, climate action and social cohesion in Europe,” said the EIB.

“The operation is part of the EIB’s financing package in support of REPowerEU, the EU plan to strengthen Europe’s energy autonomy.

“In addition, the project will have an innovation component, as it will facilitate the integration of renewables into grids, undoubtedly one of the great challenges in achieving Europe’s climate objectives.

“Some of the photovoltaic projects will include hybridization with wind power and battery systems for energy storage.

“Hybrid systems generate solar energy when the sun shines and wind energy when the wind blows, with integrated systems complementing each other and sharing the same connection point to guarantee a more stable supply to the grid.

“Energy storage is a fundamental pillar of the energy transition by adding flexibility to the generation of renewable energy and allowing a better integration into the system.”

In 2022, the EIB Group committed financing more than €17 billion for the energy transition in Europe, with Spain receiving a record €3.1 billion in financing for sustainable energy and natural resources .