Ignacio Galán, President of Iberdrola, explained during the signing ceremony that "this new agreement guarantees our investment in Núñez de Balboa, and we are continuing to work towards our target of tripling our wind and solar capacity in Spain by 2030". Furthermore, the financing deal signed with the EIB and ICO is in line "with Iberdrola's commitment to a sustainable energy model that enables the transition to a low-carbon economy," added Galán. The EIB and climate action The EIB, as the world's largest multilateral provider of climate finance, aims to dedicate at least 25% of its investments to climate change mitigation and adaptation, supporting low-carbon growth with climate resilience. In 2018, the European Investment Bank surpassed its climate financing target for the ninth year running, dedicating EUR 16.2bn to promoting climate action, which represents 29% of its total business.