Iberdrola signs a green megaprem ‘for 1,600 million to accelerate electrical networks in the United Kingdom
Scottish Powerthe British subsidiary of Iberdrolahas signed a ‘megaprenamo’ green for a amount of 1.6 billion euros granted by the United Kingdom Development Bank, National Wealth Fund, and a total of seven commercial banks -Caixabank, Natwest, Lloyds, Bank of America, BNP Paribas, Sabadell and Bankinter-, whose funds will be used to advance in the update of the electrical networks in the United Kingdom.
Specifically, the financing of two sections, one signed with National Wealth Fund of 600 million pounds (about 700 million euros) and that has a average life of 9.25 years, and a secondwith those seven financial entities that amounts to 900 million euros and that has a half -life of 5.5 years.
With this financing it is intended to continue updating the resilience of the transport electricity network As a fundamental axis for the electrification of industry and households, the company reported.
This also strengthens energy safety and autonomy, The efficiency and electrification of the United Kingdom economyin line with the country’s energy policy objectives, as stated by British Prime Minister Keir Starmer, at the recent summit on the future of energy security, held in London and the one attended by the president of Iberdrola, Ignacio Sánchez Galán.
The financing will be destined to develop the Eastern Green Link (EGL) 1 and 4 transport lines, which rThey will effort the connection between Scotland and the north of England and Norfolk.
The National Energy System (Neso) operator in the United Kingdom has identified Eastern Green Link as a crucial project for the road map of the Government decarbonization, known as Clean Power 2030.
Thus, this project will allow network improvements in five key locations in Scotland, including the construction of new substations, the reconfiguration of airlines and the improvement of air transport cables to increase both capacity and resilience.
The development of the project is vital for the country. The system operator estimates that they are required 60,000 million pounds (about 70,000 million euros) investment Until 2030 to achieve a completely clean energy system.
Financing strategy
Likewise, this loan allows to expand the duration of Iberdrola’s debt at a competitive price and is part of the company’s financing strategy, capable of diversifying the structure of your debt.
In addition to very advantageous long -term conditions, The loan has a disposal period of 18 monthsand elevates the liquidity mattress of the energy, which at the end of 2024 exceeded 20,000 million euros.
The operation also strengthens and diversifies Iberdrola’s relationship with development banks, multilateral and ECAS. This loan is the first that the group closes with this development bank.
