The European Investment Bank (EIB) is lending €50 million to Iberdrola to help restore and upgrade the damaged power grid in Valencia, Spain, after last October’s devastating floods, according to an according to the official statement. The funds, provided through two €25 million loans, will support work to fix broken infrastructure, install smart technology, and better prepare the electricity network for future storms.
Parts of Valencia’s power grid were left in pieces after the floods. Iberdrola is now replacing ruined equipment, putting some lines underground, and using new transformers to deliver a steadier energy supply. These repairs and upgrades should mean greater reliability for more than 650,000 customers, while also helping the region use more renewable energy.
Financing comes from both EIB resources and Spain’s Regional Resilience Fund, managed by the Ministry of Economy. This special fund supports rebuilding efforts and pushes for safer, greener infrastructure after natural disasters. The EIB says modernizing power grids is key to keeping homes and businesses running, especially with wild weather becoming more common.
A spokesperson from Iberdrola shared that their team, made up mostly of local workers, is working hard not just to fix what was lost, but to get ready for whatever might come next. The project, called il·lumina, focuses on strengthening the grid so it can handle future challenges and support Spain’s clean energy goals.
With this loan, the EIB is backing local recovery while helping Spain move toward a safer, more climate-ready future. The repairs and upgrades aim to keep Valencia’s lights on, no matter the weather.
