Iberdrola Secures $57.8M from EIB to Restore Valencia’s Flood-Damaged Power Grid
Iberdrola has secured $57.8 million in financing from the European Investment Bank (EIB) to rebuild and upgrade Valencia's power distribution network following severe floods in October 2024.
The funding consists of two loans of $28.9 million each. One is from the EIB's own resources, and the other from the Regional Resilience Fund, which supports access to NextGenerationEU loans under Spain's national recovery and resilience plan.
The investment will support Iberdrola's il.lumina project, focused on rebuilding and modernizing infrastructure damaged by flooding. Planned works include:
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Redesign and reinforcement of grid components
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Installation of smart transformers
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Expansion of facility automation
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Underground relocation of overhead power lines
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Elevation and resizing of transformer substations
The initiative aims to boost electricity supply reliability for over 650,000 customers while enhancing resilience against future extreme weather events and facilitating the integration of renewable energy.
The funding is part of broader efforts to adapt energy systems to climate change impacts while accelerating the digitalization of Spain's grid infrastructure.
Source: smart-energy.com
