News
-
04/10/2022
Iberdrola joins Pro Bono España Foundation to provide free legal services to non-profit organisations Iberdrola takes another step forward in its commitment to society. If this summer it launched its legal pro bono programme to encourage its Group's legal professionals to provide free legal services to non-profit entities that pursue general interest purposes (legal pro bono services), it has now become the first company to form part of the Pro Bono España Foundation, which strengthens the third sector through the law as a tool for transforming and multiplying social impact. The Pro Bono España Foundation has pointed out that the incorporation of Iberdrola as the first member company "is an important milestone for pro bono in our country and paves the way for the advancement of pro bono from the business sector in Spain". The Iberdrola group's Legal Services have developed the Iberdrola 'pro bono juridico' programme, which any Iberdrola legal professional may join on a voluntary basis and carry out the activity during working hours, provided that it does not affect the performance of their work duties or their personal work-life balance. Neither the company nor the professional will receive any remuneration from the beneficiary, and the service will be of the highest quality. Iberdrola will also form part of Pro Bono España Foundation, a clearinghouse or channelling entity for the demand for pro bono legal services, which acts as an intermediary between social organisations in need of legal assistance and lawyers with the capacity to help. Since its creation in 2018, it has been working to promote pro bono practice and raise awareness among legal professionals about the social function of the legal profession. It already has a network of more than 40 law firms and multiple allied universities, to which Iberdrola has joined as the first member company. Iberdrola points out that, in line with the Group's social commitment, this initiative is part of the ethical and professional responsibility required of legal professionals and represents a further contribution by Iberdrola to the fulfilment of its sustainability commitments in accordance with ESG (environmental, social and governance) criteria . It also responds to the concerns of Iberdrola's professionals, which have been heightened by the adverse social context. The objective is to promote access to justice for those most in need, in line with the United Nations Sustainable Development Goals (SDGs) and to strengthen the commitment to the global agenda through the law as a tool for transforming and multiplying social impact. READ MORE
-
03/10/2022
Iberdrola and EIB sign a €220 million green loan top-up to boost smart grids in Spain The European Investment Bank (EIB) and Iberdrola have agreed to increase the green loan signed in 2021 to support the development, modernisation and digitisation of the company's electricity distribution networks, a project with an impact on twelve Spanish regions. The €220 million top-up signed today brings the total EIB financing to around €820 million, allocated to strengthen smart grids in Spain and contribute to the further electrification of the economy. The project linked to the loan will improve the efficiency of the distribution network, characterised by automation and control. With this loan, Iberdrola will boost recovery of the Spanish economy and employment by safeguarding around 10,000 jobs a year in Spain during the implementation period, according to the EIB's estimates. This loan supports the EU Bank's regional cohesion and development objectives, which give priority to promoting projects in less developed regions with a per capita gross domestic product (GDP) below the EU average. In this respect, 68% of the i-DE plan contemplated in this agreement is being developed in those Spanish regions. This agreement supports the development of the smart grid investment plan being developed by i-DE, Iberdrola's distribution company in Spain, over the period 2021-2023, involving a total investment of €1.8 billion. The company will have the capacity to multiply the reliability, efficiency and security of the electricity distribution grid, all thanks to support from the EIB and Spanish government funds through the Recovery and Resilience Mechanism (RRM). EIB Vice-President Ricardo Mourinho Félix said: "The top-up of this facility is all the more important at a time of energy crisis. We at the EIB know that it is vital to boost electricity grids in order to see the growth of renewable energy, which is vital for ensuring security of supply and decarbonising the EU economy. The top-up of this green loan with Iberdrola is a further step towards this objective, and it also translates into economic growth and employment in Spain". The Chairman and CEO of Iberdrola, Ignacio Galán, explained that "the top-up of this green loan with the EIB will enable us to further develop Spain ́s smart grids, which are essential for facilitating the integration of renewable energy production, boosting energy efficiency and improving the distribution network and the quality of supply. This will speed up the transition to a more sustainable model, helping to provide greater energy self-sufficiency and security, which are so necessary at this critical time ". In terms of the environment and energy, this operation is in line with the EIB's Climate Roadmap and the EU's REPowerEU plan strategy. The additional resources Iberdrola will receive will facilitate the implementation of the company's strategic plan, which focuses on investment in renewable energies and networks, two of REPowerEU's priorities. The projects developed by i-DE also support the increased electrification of heating and mobility, in line with the objectives of the Spanish National Integrated Energy and Climate Plan (PNIEC) 2021-2030. The EU Bank is carrying out this operation through a Green Loan. This is a type of financing whose characteristics fully comply with the requirements defined in the EIB's Climate Awareness Bonds (CAB) programme. The transaction is therefore eligible for allocation to its portfolio of lending operations financed through the issuance of CABs. Green finance The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The European Investment Bank (EIB) issues long-term loans on behalf of the European Union. Iberdrola, a global leader in sustainable and green finance, has established itself as a global benchmark in sustainable finance, becoming the first group worldwide to issue green bonds, after being the first Spanish company to open this market in 2014. In 2016, the company also underwrote the first green loan for an energy company, in the amount of €500 million. At the end of June 2022, the group already had green financing or financing linked to sustainability criteria amounting to more than €43,800 million, of which more than €16,500 million correspond to green bonds. Press contacts: EIB: David Yormesor, yormesor@eib.org , tel.: +352 4379 89076, mobile: +352 621 554 578 Website: www.eib.org/press - Press: +352 4379 21000 – press@eib.org Iberdrola: Patricia Vegas, pvegas@iberdrola.es mobile: 680 630 487 Website www.iberdrola.com - Press: comunicacioncorporativa@iberdrola.es READ MORE
