- The energy company will promote innovative and sustainable renewable energy, green hydrogen and sustainable mobility technologies, offering its customers new efficient and tailored solutions.
The European Investment Bank (EIB) and Iberdrola, one of the largest global energy groups by market capitalisation, have signed a €100 million financing agreement that will contribute to the development of the company’s research, development and innovation (RDI) strategy between 2021 and 2023. The loan was signed in Madrid by Iberdrola CEO Ignacio Galán and EIB Vice-President Ricardo Mourinho Félix, who is responsible for the Bank’s operations in Spain and Portugal.
The funds will drive the development of innovative and sustainable technologies, in line with the key areas of energy sector transformation, decarbonisation, and electrification of the economy. Research activities will focus on renewable energy, green hydrogen production and the development of floating wind farms and solar plants, as well as the integration of clean energy into the energy network through pumped-storage hydroelectric power stations and batteries.
In addition to electric mobility, Iberdrola will develop new solutions for its customers, promoting more efficient energy use and more tailored services by enhancing digitalisation, automation and cybersecurity.
EIB Vice-President Ricardo Mourinho Félix, who is responsible for the Bank’s operations in Spain and Portugal, said: “The EIB is firmly committed to supporting investments that will increase the European economy’s competitiveness and strategic autonomy by promoting RDI investment projects, especially those related to the energy sector, within the scope of the Bank’s climate action activities. This agreement once again highlights the EIB’s key role in the European economy as a major financier of clean energy and climate action investments.”
Iberdrola CEO Ignacio Galán highlighted the importance of innovation at the company: “RDI is in our company’s DNA, and we continue to strive to be more innovative, more efficient and more customer-oriented. We need to step up our ambition to integrate the green revolution and innovation as key elements of the economic recovery. We have demonstrated this over the past two decades through our pioneering activities, and with agreements such as the one signed today with the EIB we will strengthen our research and innovation strategy to stay ahead of the curve, building solutions today to respond to the challenges of tomorrow.”
Iberdrola’s RDI strategy contributes to the development of the Strategic Energy Technology Plan (SET Plan) and meets the new EU clean energy targets. In addition to increasing the company’s competitiveness, maximising the use of technology in value-adding activities, improving processes and asset productivity, and making its activities more efficient, the EIB support will contribute to the fight against climate change through technologies that will help provide more sustainable, competitive and efficient solutions.
This will help Iberdrola to consolidate its lead in RDI investment in the European and global energy sector, which will be key to ensuring its sustainability, efficiency and competitiveness and to further driving the transition towards a green economy. According to the European Commission report The 2020 Industrial R&D Investment Scoreboard, Iberdrola has become the European Union’s top private utility in terms of RDI investment, having earmarked €280 million for it in 2019. The company aims to bring this figure to €400 million by 2025. Over the last decade, its RDI investments have increased to €2 billion.
This financing is in line with the objectives of the EIB and the European Union, which focus on supporting sustainable energy and enhancing businesses’ technological capacity, highlighting the Bank’s commitment to supporting innovative activities aimed at decarbonising the European economy.
Iberdrola is a global leader in the energy market, the leading supplier of wind power and one of the largest electricity companies by market capitalisation in the world. The group supplies energy to some 100 million people in dozens of countries, including Spain, the United Kingdom (ScottishPower), the United States (AVANGRID), Brazil (Neoenergia), Mexico, Australia, Germany, Portugal, Italy and France. With a workforce of over 35 000 employees and assets exceeding €122 billion, it turned over €36.438 billion and made a net profit of €3.406 billion in 2019.
Iberdrola is leading the transition towards a sustainable energy model through investments in renewable energy, smart grids, large-scale energy storage and digital transformation, offering the most advanced products and services to its customers. With its commitment to clean energy, it is one of the companies with the lowest emissions and sets an international example with its contribution to the fight against climate change and for sustainability.