Iberdrola gets support for eight industrial electrification projects

In brief

Iberdrola has received European support for eight industrial heat electrification projects in energy-intensive sectors. The projects were selected in the first European Commission Innovation Fund auction for industrial heat decarbonisation and will use electric boilers to replace fossil-fuel-based heat with renewable electricity. Together, the initiatives are expected to require around 240 GWh of renewable electricity per year and will be deployed in sectors including food and beverages, chemicals, manufacturing, tyres and mining.

The wider auction, managed by CINEA, selected 65 projects across ten European countries with almost €400 million in aid, while Spain led the results with 24 awards. Iberdrola’s projects will receive nearly €50 million, about 35% of the total support granted in Spain, and will be backed by long-term power purchase agreements mobilising more than 150 MW of renewable energy. Iberdrola says the approach will help industrial customers reduce emissions, improve competitiveness and gain more stable visibility over the cost of decarbonised heat.

Source: Energy Live News

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