By Giulia Petroni

Iberdrola will build a network of 22 renewable-energy plants in Europe after signing a 1 billion euro ($1.07 billion) loan with the European Investment Bank.

The Spanish energy company on Monday said the loan will co-finance the construction of 19 solar power plants and three onshore wind farms in Spain, Portugal and Germany. The projects will have a total installed capacity of 2.2 gigawatts.

The loan is part of the EIB's financing package in support of REPowerEU, the Europan Union's Package of measures to tackle the energy crisis sparked by Russia's invasion of Ukraine.

Iberdrola said the installations are set to provide energy equal to the average annual energy consumption of more than one million households.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 12, 2023 05:49 ET (09:49 GMT)

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