The European Investment Bank (EIB) has agreed to lend €450 million to Redes Energéticas Nacionais SGPS (REN) to finance renewable energy connections and the reinforcement and upgrading of the Portuguese electricity transmission network.
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This financing will contribute to REN’s five-year electricity transmission investment programme (2022-2026), benefiting several regions across Portugal.
This €450 million green loan committed by the EIB in Portugal is part of the wider REPowerEU Plan to boost green energy and support the EU’s autonomy and competitiveness.
The total €30 billion EIB contribution to REPowerEU is expected to mobilize over €115 billion of additional investment by 2027 in support of green technologies and Europe’s energy independence.
A signature ceremony took place in Lisbon today where the EIB Vice-President Ricardo Mourinho Félix and the CEO of REN Rodrigo Costa highlighted the significance of the €450 million committed to finance the overall modernization and capacity increase of the electricity transmission network in Portugal.
The project is expected to support the modernization and efficient operation of the electricity transmission network in Portugal, to increase its capacity, to enable the connection and integration of new renewable energy sources (4.2 GW in total additional capacity) and to enable REN to maintain the reliability and quality of electricity supply.
This will include, among others, extension, refurbishment and modernization of lines, substations and control and protection systems. A portion of the project (10%) is dedicated to improve the resilience of the network to climate change events, e.g. through reinforcement of towers and cables.
The programme is geographically dispersed throughout mainland Portugal, and it is expected that the majority of the investments will be in areas designated as EU cohesion regions, affirming the EIB’s commitment to support the convergence of living standards and equitable, sustainable growth across the Union. ■
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.