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Iberdrola gains recognition from the World Bank’s International Finance Corporation (IFC) with a 300 million euro loan tied to ESG criteria. The funds target renewable projects in coal-dependent nations like Morocco, Poland, and Vietnam. A portion, 170 million euros, is allocated to onshore wind projects in Poland. Both entities explore collaborations for innovative clean energy initiatives, including offshore wind and green hydrogen.
The loan is conditional on Iberdrola achieving strategic ESG targets, aiming for over 60% reduction in greenhouse gas emissions and doubling installed capacity by 2030. This initiative is part of a broader collaboration initiated in May to drive energy transition in emerging countries, following a $150 million green loan for digitalization and energy efficiency in Brazil.
José Sainz Armada, Iberdrola’s Director of Finance, Control and Corporate Development, said: “This loan will allow Iberdrola to continue contributing to the energy transition, decarbonisation and electrification in developing countries – which are still highly dependent on fossil fuels. It also consolidates IFC as one of Iberdrola’s major allies in providing financing for renewable projects.”
Alfonso Garcia Mora, IFC Vice President for Europe, Latin America and the Caribbean said: “This loan is a significant step in the global IFC-Iberdrola Energy Transition Partnership, which aims to support Iberdrola’s expansion and re-entry into emerging markets that need to decarbonise their energy matrix”. “We look forward to partnering with Iberdrola on projects that can accelerate a just and equitable transition to a low-carbon and sustainable energy future in developing and emerging markets.”
