Spanish RES developer announced that they have signed an agreement for the largest green loan of €1 billion with a guarantee from the Export Credit Agency. The funding will be used to purchase onshore and offshore wind turbines, among others, in Poland and Germany.

According to the company, the loan will enable the purchase of turbines for onshore and offshore wind farms in Spain, Poland, Greece, Germany and the United Kingdom. The €1 billion loan was provided by Banco Santander.

With the new loan, Iberdrola will consolidate its leadership in ESG (Environmental, Social, Governance) financing, with more than €41 billion in signed operations, of which more than €23 billion corresponds to environmental financing and about €18 billion to credit lines, loans or commercial paper programs conditional on compliance with sustainability objectives.

Iberdrola expects to have a total of 12 GW of offshore wind capacity by 2030, with cumulative investments of more than 30 billion euros worldwide. At the end of 2021, Iberdrola had 1,260 MW of offshore wind in operation, 1,800 MW under construction and 5,400 MW in advanced development, which will be commissioned before 2027. The company has a portfolio of projects in the United States, United Kingdom, Poland, Sweden, Ireland, Taiwan, Japan, Philippines and Brazil, which is likely to grow in the coming years due to the numerous tenders in which the company participates.