Energy Giant Secures GBP650m EIB Loan

Tue, 21 Dec 2010

The European Investment Bank (EIB) has granted a £650m loan to Spanish energy firm Iberdrola to help the company fund electricity distribution projects in the UK.

The business loan deal comprises of three tranches of 10-year facilities for £150m, £300m and £200m respectively, to be made over the next three years.

Iberdrola said that it aims to finance the UK distribution projects mainly to improve the quality of supply currently offered by its subsidiary ScottishPower to its UK customers.

ScottishPower will focus on meeting demand for electricity in the country with maximum reliability by reinforcing the structure of the network and reducing grid losses, as well as making connections available to new customers each year.

Iberdrola is one of the five largest energy companies in the world, with 33,000 employees and 28 million customers spread across four continents.
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