The European Investment Bank (EIB) has signed a €120 million loan with Iberdrola to support the advancement of energy technology research and innovation, accelerating the electrification and decarbonisation of the economy. The total investment linked to these projects is valued at €250 million. This funding will be directed toward the development of renewable energy technologies, including solar photovoltaic, hydro, and wind power, as well as hybrid and agrovoltaic projects. Furthermore, the loan will support research into decarbonisation technologies such as green hydrogen and heat pumps.
Additionally, the investment will focus on grid digitisation, advanced data management, and power electronics to foster smart grid development. It also includes initiatives to strengthen the cybersecurity and resilience of distribution networks. On the commercial front, projects will promote smart solutions for self-consumption and electric mobility. The financing also supports economic, social, and territorial cohesion, with an estimated 27 per cent of the total investment allocated to regions with per capita income below the EU average.
Earlier this year, Iberdrola and bp greenlit the construction of a 25 MW green hydrogen plant at bp’s Castellón refinery. This is their first joint venture under Castellón Green Hydrogen S.L., a 50-50 partnership between the two companies. The plant is scheduled to commence operations by mid-2026.
