Link Securities | Naturgy and the European Investment Bank (EIB) have agreed a €700 million loan to adapt and digitise the energy provider’s electricity distribution networks in Spain, bolsamania.com reported yesterday. Naturgy points out that this operation with the EIB will provide it with additional financial resources to improve its operational flexibility and efficiency. The loan will also enable it to “modernise and improve the efficiency of the grid and contribute to national and European Union (EU) climate objectives”.
This financing from the European financial institution, of which the first tranche of €500 million has been signed, will contribute to the integration of renewable energies in the distribution networks, thus accelerating the energy transition and the decarbonisation of the Spanish electricity sector. Specifically, more than 75% of the total investments associated with the agreed funding will be carried out in regions whose per capita income is less than 75% of the EU average, such as Castilla-La Mancha, Castilla y León or Galicia. These areas will also benefit from the creation of 5,000 jobs during the implementation phase.
