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    Iberdrola Unveils Plans To Invest EUR500mn To electrify Volkswagen's EV Battery Factory in Spain


    May 9, 2022 - Fitch Solutions Sector Intelligence

     

      THIS COMMENTARY IS PUBLISHED BY FITCH SOLUTIONS COUNTRY RISK & INDUSTRY RESEARCH and is NOT a comment on Fitch Ratings' Credit Ratings. Any comments or data are solely derived from Fitch Solutions Country Risk & Industry Research and independent sources. Fitch Ratings analysts do not share data or information with Fitch Solutions Country Risk & Industry Research.

      Iberdrola Unveils Plans To Invest EUR500mn To electrify Volkswagen's EV Battery Factory in Spain

      • 09 May 2022
      • Spain
      • Infrastructure

      News: Iberdrola has unveiled plans to invest EUR500mn (USD527.1mn) to electrify Volkswagen's electric vehicle (EV) battery factory in Spain. The gigafactory, to be located at Sagunto in Valencia, will be used to manufacture 40GWh of batteries using renewables, for which a 2.5sq km solar farm will also be constructed nearby. Volkswagen and it's unit SEAT would also invest EUR10bn (USD10.5bn) in the EV business to develop two SEAT sites to manufacture small EVs, construct EUR3bn (USD3.2bn) battery gigafactory in Sagunto and establish a battery chain. Volkswagen and SEAT plan to secure funds for the project from the government. Construction of the factory is due to start in 2023 (Renewables Now).

      This report from Fitch Solutions Country Risk & Industry Research is a product of Fitch Solutions Group Ltd, UK Company registration number 08789939 ('FSG'). FSG is an affiliate of Fitch Ratings Inc. ('Fitch Ratings'). FSG is solely responsible for the content of this report, without any input from Fitch Ratings.

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