Iberdrola and the European Investment Bank (EIB) have signed two €25 million loans to support the reconstruction and modernization of the electricity distribution grid in Valencia, damaged by last October’s cold drop. The funding is part of Iberdrola España’s il·lumina project, aimed at creating a resilient, digital, and climate-adapted energy network.
The initiative includes rebuilding infrastructure, automating facilities, installing smart transformers, burying overhead lines, and upgrading substations. These enhancements are designed to improve energy supply quality and reliability for over 650,000 customers, particularly in the face of extreme weather and increased integration of renewable energy into the grid.
The European Investment Bank, owned by EU Member States, finances projects aligned with EU priorities, including climate action, innovation, security, cohesion, and global development.
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