Spanish energy giant Iberdrola has secured a €1bn ($1.08bn) loan from the European Investment Bank (EIB) to accelerate the energy transition in Europe.

As part of the energy transition, Iberdrola plans to build a network of 19 solar plants and three onshore wind farms across Spain, Portugal and Germany.

The total capacity of these projects is 2.2GW and the total estimated investment is more than €1.7bn.

The loan is part of the EIB’s financing package to support REPowerEU, the EU’s plan to strengthen energy autonomy in the continent.

Iberdrola’s renewable projects will generate clean energy equivalent to the annual energy consumption of more than a million households.

The projects will not only support the three countries’ individual climate goals but also Iberdrola’s target of net-zero emissions by 2040.

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Most of the projects are expected to be located in regions with lower per-capita income than the EU average.

They will support EIB’s commitment for an equitable growth and convergence of living standards.

Iberdrola executive chairman Ignacio Galán said: “As one of the main partners of the EIB, it is a pleasure for us to have the Bank support again through this loan, which represents a significant contribution to accelerate Europe’s energy independence – in line with the REPowerEU Plan of the European Union – achieve climate objectives and continue creating economic growth and employment in the continent.”

The Spanish energy company was recently in the news for signing a power purchase agreement with Holcim regarding the supply of 250 gigawatt-hours of clean energy annually from its Baltic Eagle offshore wind project in Germany.