Sustainable Business

Iberdrola, EIB sign green loan deal for Spanish power networks

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The logo of Spanish power company Iberdrola is seen on top of Iberdrola's main office building in Madrid, Spain, October 6, 2014. REUTERS/Susana Vera

LONDON, July 27 (Reuters) - Energy firm Iberdrola (IBE.MC) said on Tuesday it had signed an agreement with the European Investment Bank [RIC:RIC:EIB.UL] for a 550 million euro ($648 million) green loan to support the development of electricity distribution networks in Spain.

Iberdrola said the money will contribute to the development of a 1.472 billion euro network investment plan which i-DE, Iberdrola's Spanish distributor, will develop between 2021 and 2023.

Investments will go towards improving the ability of the electricity grid to cope with rising energy demand and on more renewables production, as well as modernising and digitalising electricity distribution infrastructure.

($1 = 0.8490 euros)

Reporting by Nina Chestney. Editing by Jane Merriman

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