Iberdrola Expands Clean Energy Reach with €300 Million Investment in Morocco
Spanish energy leader Iberdrola is amplifying its commitment to renewable energy with a strategic move into Morocco. The company unveiled its latest initiative this week, securing a substantial €300 million loan from the International Finance Corporation (IFC) to accelerate its global transition efforts.
Out of the allocated funds, Iberdrola has earmarked €170 million for the development of new wind farms in Poland. The remaining capital is dedicated to fueling renewable energy projects in developing nations still reliant on fossil fuels. Moreover, it will support groundbreaking clean energy endeavors such as offshore wind initiatives and green hydrogen production.
This significant loan is linked to two critical ESG (environmental, social, and governance) objectives. Firstly, Iberdrola commits to reducing its direct and indirect greenhouse gas emissions by over 60% by 2030, compared to 2020 levels, spanning both its operations and value chain. Secondly, the company aims to more than double its installed renewable energy capacity to surpass 41,000 megawatts by the decade's end.
José Sainz, Iberdrola’s Finance and Control Director, emphasized, "This loan will allow Iberdrola to continue contributing to the energy transition, decarbonization, and electrification of developing countries, still strongly dependent on fossil fuels. Additionally, it further cements IFC as one of our major allies in financing renewable projects."
This financial arrangement stems from a collaborative alliance formed between the two organizations last May, aimed at promoting the clean energy transition in emerging economies. It follows Iberdrola's recent acquisition of a $150 million green loan from IFC, specifically designated for sustainability targets. The funds will support the digitization and efficiency enhancements of electricity distribution networks operated by its Brazilian subsidiary.
Iberdrola, recognized as the world's leading wind energy producer, has consistently positioned itself at the forefront of the global transition to clean power, networks, and storage. With a steadfast commitment to renewable energy spanning over two decades, the company's latest financial endeavor underscores its unwavering dedication to a sustainable and planet-positive future.