THE European Investment Bank (EIB) and the Spanish electric utility company Iberdrola have signed a loan contract for €200 million.
The loan will support the modernisation of the electricity distribution network throughout Spain, improving its overall reliability and safety, they claim.
The loan will co-finance a comprehensive investment programme designed to reinforce and modernise Iberdrola’s electricity distribution network. A large number of supply points in the full range of voltages operated by Iberdrola will be connected to the existing network.
Furthermore, the programme will help pay for the installation of new digital electricity meters to meet Spanish legislation, which requires the deployment of digital meters for residential customers by 2018.
The investment programme provides for the installation of up to 1.8 million new meters.
The EIB has a long-standing relationship with Iberdrola, one of the largest power distribution companies in Spain, serving 10.7 million customers. The EIB has provided a total of €3.6 billion for projects in Spain since the beginning of the year, of which almost €1 billion is in the Spanish energy sector.