Spanish energy company Iberdrola has secured a €200m loan from the European Investment Bank (EIB) to fund the modernisation of Spain’s electricity distribution network.

Last month, the EIB finalised details of a €200m loan for Iberdrola’s research, development and innovation programme that will focus on conventional energy generation, transmission and distribution as well as renewable energy.

The main objective of the upgrade is to enhance the country’s security, reliability and efficiency of electricity supply and adapt it to predicted demand in coming years.

Investments from the funds will include the construction of new power lines across all voltage ranges and the installation of digital energy meters. The capital will be invested all over Spain with 59 per cent of projects situated in the country’s convergence regions.