The European Investment Bank and Iberdrola have signed a new agreement to accelerate Italy's energy transition by developing new renewable energy plants. The EU Bank has granted EUR 150 million green loan for the construction of a portfolio of wind and photovoltaic projects with a total capacity of around 400 megawatts. These new facilities will produce green and competitive energy, equivalent to the average consumption of up to 260,000 households. The projects will involve total investment of more than EUR 300 million. The EIB will finance small and medium-sized solar PV and wind power plants as well as their grid connection infrastructure. These projects are mainly located in areas of southern Italy, regions receiving cohesion funds from the European Union. The financing will also include ancillary infrastructure such as access roads, substations and interconnections. These investments will not only increase clean energy generation, but also improve security of supply. The investments to be undertaken under this agreement will boost economic growth and employment in the regions. Overall, the new infrastructure will support approximately 600 temporary jobs every year during the construction phase.