The European Investment Bank (EIB) has signed a financing agreement with Iberdrola to support the company’s two-year innovation, research and development strategy for renewables with €100 million.
Iberdrola will use the funds for R&D in renewables, the production of green hydrogen and the development of floating wind and photovoltaic installations, and will also include the integration of clean energy into the system, through pumped hydroelectric plants and batteries.
The company said it plans to develop new solutions for customers, promoting energy efficiency and more personalized service, as well as enhancing electric mobility. In this area, it will seek to enhance digitalization, automation and cybersecurity.
Iberdrola allocated €280 million in 2019 for R&D&I and plans to reach €400 million by 2025. In the last decade, its investment in R&D&I rose to €2 billion.
“R&D&I is in our company’s blood and we continue to be committed to being more innovative, more efficient and more customer-oriented. We must increase our ambition and the green revolution and innovation must be combined as key pieces in the economic recovery,” said Iberdrola’s Chairman Ignacio Galán .
“ We have been demonstrating this over the last two decades in a pioneering way and with agreements such as the one reached today with the European Investment Bank we will reinforce our innovation and research strategy to continue to anticipate the future, building solutions today so that we can meet the challenges of tomorrow.”