Earlier this month, the EIB signed a deal with Spanish electricity distribution giant, Iberdrola, nearly $760 million for electric distribution expansion, effectively expanding smart grid developments across Spain.

This is a massive undertaking and as such will need more people to make this a reality; it’s expected to create more than 10,000 jobs in Spain and give a robust boost to the country’s economic growth. Importantly, 60% of the total investment will go to underserved communities in Spain, where per-capita income is below the European average.

In an article by Smart Energy International, EIB director general for European Union Operations, Jean-Christophe Laloux said, “This new financing agreement signed with Iberdrola will accelerate Spain’s energy transition, ensure access to sustainable energy for all and contribute to the European Union’s strategic and energy independence.”

Finance, control, and corporate development director for Iberdrola, Jose Sainz Armada, said that Iberdrola’s intention is to use the funding to expand smart grid development, stating, “this is vital for facilitating the energy transition, boosting efficiency, and improving the distribution network and supply quality.” Additionally, Iberdrola will help electrify the economy and reduce Spain’s energy dependence.

Spain is doubling down on smart grid technologies and expansion—and so should smart grid solution providers. Now is the time to make the investments, build critical infrastructure to support the changing nature of the grid, and help to manage the grid of the future.