BAKU, Azerbaijan, December 19. The European Investment Bank (EIB) and EDP SA have signed two loans totaling €700 million to finance EDP Renewables' energy projects in Portugal, Spain, and Italy, as well as the modernization of EDP’s electricity distribution networks in Spain and Portugal, Trend reports via the EIB.
EDP Renewables, a subsidiary of EDP SA, will utilize the funds to advance renewable energy generation and enhance grid infrastructure across Europe.
The first loan, valued at €500 million, is part of a €900 million green framework loan aimed at expanding renewable energy capacity. It will support the development of solar photovoltaic and onshore wind plants in Portugal, Spain, and Italy, which together will account for nearly 1,943 MW of total planned installed capacity. The new installations are expected to provide enough green energy to meet the annual needs of over one million households and help EDP reach its goal of adding 18 GW of renewable capacity by 2026.
The second loan, amounting to €200 million, is the initial tranche of an approved €800 million investment loan focused on upgrading EDP’s electricity distribution networks. This project will address the growing demand for electricity and distributed renewable generation while enhancing the resilience of the grids. It includes the modernization of infrastructure, such as overhead lines, substations, and transformers, as well as the implementation of smart meters and other digital solutions to optimize energy management and integrate more renewable energy sources.
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