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Iberdrola and IFC Partner to Drive clean energy transition in emerging countries

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 23/05/2023 Iberdrola

Iberdrola and the International Finance Corporation (IFC) are joining forces to promote energy transition in emerging countries. The two institutions have launched a partnership to support clean energy and decarbonization in several developing countries.

The agreement is structured in three pillars. First, IFC will provide Iberdrola with a loan of 150 million dollars (approximately 138 million euros) to finance digitalization and energy efficiency improvements in the electricity distribution networks operated by Iberdrola's subsidiary in Brazil, Neoenergia.

Second, Iberdrola and IFC are exploring another loan for the development of renewable energy projects in emerging countries such as Poland, Morocco and Vietnam.
Thirdly, both institutions are analyzing collaboration options to support the development of new innovative clean energy projects in emerging countries, such as offshore wind generation and green hydrogen.

José Sainz Armada, Iberdrola's Director of Finance, Control and Corporate Development, said: "With this agreement we are making progress in the energy transition, decarbonization and electrification in developing countries, where Iberdrola is already working. It also consolidates IFC as one of Iberdrola's allies in providing financing for its projects in all areas of activity, from photovoltaic and wind farms to green hydrogen and smart grids". 

In Poland, the company is developing a 7,300 MW offshore wind portfolio together with SeaWind. A couple of years ago in Vietnam, Iberdrola acquired Sowitec Vietnam, a company with a 550 MW renewable portfolio under development, spread over six projects: five wind farms and a 50 MW floating photovoltaic project.

For more information on offshore wind farms worldwide, click here.


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