March 27 (Renewables Now) - The European Investment Bank (EIB) has agreed to grant a EUR-450-million (USD 483.52m) green loan to Portugal’s grid operator REN to support the extension, modernisation and reinforcement of the local electricity transmission network.
Inked last week, the financing will, among other things, enable the connection and integration of 4.2 GW of new additional renewable energy capacity, the bank said.
Among the measures planned by REN are the extension, refurbishment and modernisation of transmission lines, substations and control and protection systems. The grid operator also plans to use 10% of the loan to improve the resilience of the network to climate change events by reinforcing towers and cables.
The financing is part of the REPowerEU Plan, for which the bank plans to disburse EUR 30 billion in loans and equity financing over the next five years. The deal will also help REN achieve its five-year electricity transmission investment programme (2022-2026).
(EUR 1.0 = USD 1.075)
Front Page
Power News
Today's News
E-mail
Print