The European Investment Bank and Iberdrola have signed a new agreement to accelerate Portugal's energy transition via the development of new renewable energy plants. The EU bank will provide a EUR 70 million green loan for the construction of a portfolio of projects with a total capacity of around 188 megawatts. These new facilities, awarded at auctions in 2019, will produce green and competitive energy equivalent to the average consumption of more than 65,000 households. In total, more than 150 million euros will be provided for these solar projects.The EIB will finance five solar PV plants and their connections to the grid, located in the Portuguese regions of Algarve, Centro, Alentejo and Lisbon. These projects are mainly located in rural areas, which are considered cohesion regions by the European Union. The financing will go to the followingprojects: Montechoro I and II (37 MWp), Alcochete I and II (46 MWp), Algeruz II (27 MWp), Conde (14 MWp) and Carregado (64 MWp). The financing will also include ancillary infrastructure such as access roads, substations and interconnections.