The European Investment Bank (EIB) is providing €50 million (£44m) to Iberdrola to fund the reconstruction and climate adaptation of Valencia’s power grid after devastating floods in 2024.
The financing will support Iberdrola’s il·lumina project, focused on rebuilding and modernising damaged electricity infrastructure.
Works include burying overhead lines, automating facilities, upgrading substations and installing smart transformers, with the measures are expected to benefit more than 650,000 customers by improving power reliability and enabling more renewable energy integration.
The il·lumina initiative reflects Iberdrola’s push to climate-proof its networks and accelerate the green transition.
Around 1,000 mostly local workers will help deliver the programme, co-ordinated by a dedicated 35-person team.
The EIB loan is split into two €25 million (£21.7m) tranches, with one sourced from the bank’s own resources and the other from Spain’s Regional Resilience Fund. The fund is part of Spain’s Recovery Plan and is managed by the Ministry of Economy in partnership with the EIB Group.
Iberdrola’s investment forms part of a long-term strategy to develop a more flexible, efficient and robust electricity grid prepared for extreme weather events, future energy needs and European climate goals.
EIB backs Iberdrola with €50m to climate-proof Valencia power grid appeared first on Energy Live News.