Iberdrola and the European Investment Bank (EIB) have signed a €550 million (£468m) loan to boost the deployment of renewable energy projects in Spain. The loan will be provided for the construction of a portfolio of solar and wind farms with a total capacity of around 1,800MW, which are expected to generate enough electricity to power around one million homes. The new projects will also support the creation of around 2,100 green jobs per year during construction, with additional jobs in the operational phase. Part of the funding will be provided for projects such as the 200MW Tagus and 80MW Almaraz solar plants in Extremadura and the 50MW Valdemoro wind farm in Castilla y León. Iberdrola CEO Ignacio Galán said: "This financing agreement, which further strengthens our partnership with the EIB, gives a new boost to our projects in Spain at an important time when we need to accelerate the energy transition and reduce dependence on fossil fuels."