The European Investment Bank has signed two €25 million (~$ 28.5 million) loans with Iberdrola for grid upgrades. The financing supported Iberdrola’s il.lumina project to rebuild Valencia’s network after 2024 floods. Funding came from EIB resources and Spain’s Regional Resilience Fund under the recovery plan. Work included redesigning damaged infrastructure, automating facilities, and installing smart transformers. Power lines were moved underground, and substations were elevated or downsized. These upgrades aimed to improve supply security for over 650000 customers. Around 1,000 local operators were coordinated by a 35-member Iberdrola team. The project aligned with EU energy security goals and EIB’s 2024–2027 roadmap. EIB committed €8.5 billion to grid and storage projects in 2024, doubling 2023 levels. Of this, €1.5 billion was invested in Spain to expand, modernise, and digitalise power infrastructure.