The loan will help Iberdrola in its aim to improve the quality of service and also to realise its STAR Project (Grid Remote Management and Automation System), an initiative that complements the legal obligation to change meters for those less than or equal to 15 kilowatts.
The company will initiate the project across several counties in the country including Aragon, Cantabria, Castilla-La Mancha, Castilla y León, Comunidad Valenciana, Extremadura, La Rioja, Madrid, Murcia, Galicia, Asturias, Navarra and the Basque Country.
With this project, Iberdrola will install more than four million remotely controlled digital meters that can monitor consumer information in real time.
According to EIB, the funding can contribute towards improved electricity supply and services across Spain, making it more efficient and environmentally sustainable.
Recently in May, the company stated that distribution division has reached 9.5 million digital meters installed and the infrastructure that supports them has been adapted to smart grid.
Iberdrola claims that this project is being implemented at a cost of more than €2bn.
Iberdrola said: "The renewal of Iberdrola's electricity infrastructures financed by the EIB has a direct positive impact on consumers, thanks in particular to the installation of more than four million remotely controlled digital meters that afford consumers information in real time."
The project is expected to create more than 6,000 direct and indirect jobs throughout the implementation process
Image: Iberdrola receives €500m loan from EIB to install smart meters in Spain. Photo: Courtesy of satit_srihin/FreeDigitalPhotos.net.
