The EIB and Iberdrola sign two €50M loans to rebuild and adapt the electricity grid affected by the cold drop in Valencia

Iberdrola and the European Investment Bank (EIB) have signed two €25M loans to finance the reconstruction, redesign, adaptation to climate change and digitalisation work that the company is carrying out on the electricity distribution grid damaged by the cold drop last October in Valencia.

These investments are part of Iberdrola España's il·lumina project, launched to build an electricity distribution grid for the future. The project will rebuild damaged infrastructure, increase facility automation, incorporate new smart transformers to improve supply quality, bury overhead power lines and raise and compact transformer substations.

These interventions are expected to benefit more than 650,000 customers by increasing the security of energy supply, in a context of extreme weather events and the growing integration of electricity generated by renewable energy sources.

You can read the full story at the Iberdrola Spain's press room.