The logo of Spanish utility company Iberdrola

The logo of Spanish utility company Iberdrola

08-02-2021SERGIO PEREZ

Power group Iberdrola is asking for European pandemic recovery funds to support 21 billion euros worth of Spanish clean energy projects it hopes could boost a battered economy and bolster a global drive to curb carbon emissions.

The company said it is sending the Spanish government a list of 150 proposed projects, including floating wind turbines, smart grids and energy storage. Madrid can then put them forward to receive a chunk of the European Union's 750 billion euro rescue package.
About 25-30% of the value of eligible projects is expected to be covered by the recovery fund and the rest would be private investment.

More than 200 small businesses and other partners are involved in the projects, Iberdrola said.

Spain aims to use renewable energy to ride a global wave of decarbonisation efforts, hoping to create jobs and compensate for a sickening crunch in the key tourism and hospitality industries resulting from the COVID-19 pandemic.

Fellow Spanish utility Endesa, owned by Italy's Enel, has proposed 19 billion euros worth of projects including measures to reduce the reliance of Spain's islands on fossil fuels.

If the windfall arrives, Endesa calculates that its projects could create 215,000 jobs, avoid 13.6 million tonnes of carbon dioxide emissions and add more than 21 billion euros to the Spanish economy in the next three years.

Gas group Naturgy has thrown its hat into the ring with plans for a potential 13 billion euros of investment to develop environmentally friendly systems including transport and hydrogen production from renewable power sources. (

Comments

The content of comment is the opinion of users and netizens and not of mallorcadailybulletin.com.

Comments contrary to laws, which are libellous, illegal or harmful to others are not permitted');

mallorcadailybulletin.com - reserves the right to remove any inappropriate comments.

Warning

Please remember that you are responsible for everything that you write and that data which are legally required can be made available to the relevant public authorities and courts; these data being name, email, IP of your computer as well as information accessible through the systems.

* Mandatory fields

Mark Badoer / Hace 25 days

Maybe they should use the vast sums of money they have stashed in their shady companies in Panama to fund these projects.

+4-