The European Investment Bank (EIB) has granted a loan of approximately $1.08 billion (EUR 1 billion) to Iberdrola SA for the development of 22 renewable energy facilities across three countries. This joint initiative aims to construct 19 solar power mills and three onshore wind farms in Germany, Portugal, and Spain, with a combined capacity of 2.2 gigawatts, as announced in a press release on Monday. The majority of these projects will be located in areas affected by the transition away from fossil fuels, including rural communities and economically disadvantaged regions. This underscores the EIB’s commitment to promoting equitable growth and converging living standards. The newly established renewable energy installations will produce green energy equivalent to the average annual consumption of over 1,000,000 households. These projects align with REPowerEU, the European Union’s roadmap to reduce dependence on Russian energy sources and expedite the transition to achieving net-zero emissions. Additionally, they will support the national energy plans of Germany, Portugal, and Spain, while assisting Iberdrola in reaching its own target of achieving net-zero emissions by 2040. EIB’s vice-president, Ricardo Mourinho Felix, expressed the importance of collaboration with companies like Iberdrola, emphasizing that sustainable energy and energy security are interrelated, especially in light of recent events such as the conflict in Ukraine. The EIB has actively contributed to green financing and sustainable energy projects, committing $18.4 billion (EUR 17.06 billion) in funding last year. With €36.5 billion (58% of the total) dedicated to green financing, the EIB has already surpassed its 2025 target of allocating at least 50% of its resources to climate action and environmental sustainability. Overall, the EIB Group is on track to mobilize €1 trillion in green financing this decade, having already supported €222 billion ($239.7 billion) in investments over the past two years. These commitments enable the European Union to remain competitive with the United States, which implemented its largest-ever climate and energy investment in August 2022. EIB President Werner Hoyer emphasized the importance of Europe’s continued efforts in order to safeguard the planet and maintain the competitiveness of European economies. In conjunction with Iberdrola, the announcement made on Monday stated that an additional €30 billion ($32.4 billion) will be invested over the next five years, on top of the EIB’s already substantial support for the EU energy sector. It is anticipated that the financing pledged under REPowerEU will generate an additional €115 billion ($124.18 billion) in investment by 2027, significantly contributing to Europe’s energy independence and the EIB Group’s goal of mobilizing €1 trillion ($1.08 trillion) in climate finance within this decade. Iberdrola, a major electricity supplier, plans to invest approximately $50.75 billion (over EUR 47 billion) between 2023 and 2025 in various energy transition projects.