As per ESG Today, company officials say that the energy projects will be able to provide enough energy to power over one million households. Thus, 22 sites will be fitted with solar and wind installations in Spain, Portugal and Germany, with a total output of 2.2GW. The total investment required, say the officials, is set to reach 1.7 billion euros.

"This is a strategic objective for the European Union and the EIB that will not only contribute to climate change mitigation, but also to the EU’s energy security and strategic autonomy", said EIB Vice-President Ricardo Mourinho Félix.

The latest agreement comes to strengthen EIB's commitment to accelerate the REPowerEU program, which is a 300 billion euros initiative that plans to make the continent less energy-dependent on external factors.

Iberdrola officials are also invested in long-term energy projects, as they plan to put 150 billion euros over the next decade towards tripling the company's renewable capacity, while also doubling its assets.

By 2040, Iberdrola aims to reach net-zero emissions across its entire value chain and by 2030, the company wants its power-generating plants to be fully carbon neutral.