Spanish utility Iberdrola SA has partnered with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to secure a EUR-300-million (USD 328.4m) loan.

The goal is to boost renewable projects in countries still emerging and heavily reliant on coal.

The loan comes with two main goals: first, cut Iberdrola's greenhouse gas emissions by over 60% before 2030, and second, more than double its renewable energy capacity by 2030, which currently stands at over 41,000 MW.

The projects will focus on nations like Morocco, Poland, and Vietnam, where fossil fuels and coal play a big role. Already, EUR 170 million of the loan is set for onshore wind projects in Poland. Iberdrola and IFC are also exploring options for offshore wind and green hydrogen initiatives in other emerging markets.

This collaboration builds on a partnership established in May 2023 between IFC and Iberdrola, aiming to support the energy transition in emerging nations.

“This loan is a big step in our global IFC-Iberdrola Energy Transition Partnership. It's all about helping Iberdrola grow in emerging markets that need to clean up their energy. We're excited to work together on projects that speed up a fair transition to clean and sustainable energy in developing and emerging markets,” said Alfonso Garcia Mora, Vice President for Europe, Latin America, and the Caribbean at IFC.

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Source: Renewables Now