THE EIB GRANTS IBERDROLA €200 MILLION LOAN FOR R&D AND INNOVATION PROJECTS
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The European Investment Bank (EIB) has granted IBERDROLA a €200 million loan to fund its R&D and innovation programme. EIB Vice-President Magdalena Álvarez Arza and IBERDROLA Chairman Ignacio Sánchez Galán signed the agreement this morning in Madrid.
The EIB will finance several projects in IBERDROLA’s investment programme (2011-2014) relating to R&D and innovation in new technologies in: i) conventional power generation; ii) power transmission and distribution; and iii) renewable energies. The investments aim to diversify the company’s product and service range and adapt its existing products to new markets.
These R&D and innovation initiatives seek to improve the well-being of European consumers mainly by lowering energy production and distribution costs –even power generated using renewable sources- and through technological advances. At the same time, the company wants to minimise the environmental impacts of its generation and distribution activities.
The projects funded with this loan will be carried out at IBERDROLA’s R&D and innovation facilities in the European Union, with 70% going to Spain and 30% to the UK. A third of the investments will be made in convergence regions in Spain.
Investment in this project will support the following technological areas:
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