The EIB and Iberdrola have signed a 500 million euro loan for the modernisation of electricity distribution networks in Spain

Iberdrola has signed a 500 million euro loan with the European Investment Bank (EIB). The purpose of this agreement is to finance the modernisation of the electricity distribution networks and the digitisation of the company's electricity meters Spain, with the aim of continuing to improve the quality of service it provides to its customers.

Funding by the EIB will enable Iberdrola to complete the implementation of its STAR project (Grid Remote Management and Automation System), an ambitious Iberdrola initiative that complements the legal obligation to change meters - those less than or equal to 15 kilowatts, which, in Iberdrola's case, means 10.6 million devices - with an extensive modernisation and digitalisation of the electricity grid.

In particular, Iberdrola will carry out these investments in Aragon, Cantabria, Castilla-La Mancha, Castilla y León, Comunidad Valenciana, Extremadura, La Rioja, Madrid, Murcia, Galicia, Asturias, Navarra and the Basque Country.

The renewal of Iberdrola's electricity infrastructures financed by the EIB has a direct positive impact on consumers, thanks in particular to the installation of more than four million remotely controlled digital meters that afford consumers information in real time. By facilitating Iberdrola's investment in new digital and smart grids, the EIB is contributing to the improvement in electricity supply in Spain, making it more efficient and environmentally sustainable. 

The project will also have a positive effect on employment, with the creation of more than 6,000 direct and indirect jobs throughout the implementation process.

Since its foundation, the EIB has been one of the traditional sources of financing for the Iberdrola Group. Currently, the company is involved in operations with the entity in different business areas - renewable energies, networks, generation and marketing- and geographic - Spain, UK, Brazil and Mexico.