Iberdrola, ICO, Sabadell, and HSBC have finalised a 15-year syndicated green loan agreement totalling €500 million. The loan is supported by Cesce through its Green Investment Policy on behalf of the State and is guaranteed by the Internationalisation Risk Reserve Fund (FRRI), which is associated with the Ministry of Economy, Trade, and Enterprise.
This is the first loan issued by ICO aimed at promoting renewable energy projects using Next Generation funds as part of the second phase of the Recovery Plan. The loan will finance wind, photovoltaic, and battery projects in the US, Australia, and Italy, with a combined capacity of 897 MW and is anticipated to be functional between 2025 and 2026. Iberdrola’s total loans covered by Export Credit Agencies amount to €2,500 million.
In May 2024, Iberdrola bought the remaining 18.4 percent of Avangrid for 2.551 billion dollars, purchasing shares at 35.75 dollars each. Avangrid’s Board approved the transaction, and a formal request was expected to be made to delist the company from the New York Stock Exchange.
