The European Investment Bank (EIB) has approved a €700 million loan to support the extension and modernization of Naturgy’s electricity distribution network in Spain.
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The first tranche of the loan, totaling €500 million, has been signed in Madrid. The financed project will expand and modernise the electricity distribution network and improve the reliability and security of supply.
In addition to the connection of new users, the project will also facilitate the integration of renewable energy sources into the grid, accelerating the energy transition and advancing the decarbonization of the Spanish electricity sector.
The financing will also support the modernization and digitalization of the network to increase its flexibility and operational efficiency.
It is expected that a more modern and efficient distribution network will also contribute to the achievement of national and EU climate objectives.
The project underlines EIB’s commitment to economic, social, and territorial cohesion, as more than 75% of the total associated investment will take place in regions where per capita-income is less than 75% of the EU average such as Castilla-La Mancha, Castilla y León, Galicia and Andalucía.
These regions will benefit also from the creation of 5,000 full time jobs during the implementation phase.
The €700 million loan approved is part of the EIB’s dedicated contribution to REPowerEU, and will support energy security by facilitating the integration of renewables and lowering EU dependency from fossil fuel imports.
The financed project contributes also to the EIB’s Sustainable Energy objectives as stated in the Climate Bank Roadmap and to the national energy targets as set out in the Spanish 2030 National Energy and Climate Plan. ■
A low pressure wave forming along a cold front will track across the New England coast this morning, bringing a period of rain, heavy at times for much of New England, especially for Maine today.