The European investment bank (EIB) supports the modernisation of the electricity distribution network in Spain, by granting a loan of 200 million euro to the Spanish electric utility company Iberdrola Distribución Eléctrica SA.
The EIB grants loans to its clients to support their project with the view to contributing to sustainable rowth and employment.
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 comprise the installation of new digital electricity meters in compliance with 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. With today’s signature, the EIB has provided a total of EUR 3.6 billion for projects in Spain since the beginning of the year, of which almost EUR 1 billion in the Spanish energy sector.