The European Investment Bank (EIB) is lending $487 million to Redes Energéticas Nacionais SGPS toward modernizing the electricity transmission network in Portugal. The funds will benefit REN’s electricity transmission investment program that runs from 2022 to 2026. The finances will be used to upgrade and reinforce Portugal’s electricity distribution network, and will facilitate interconnection with sources of renewable energy.
“It will reinforce our investment capacity and will accelerate the development of new grid projects that will further enhance the use of renewable energy,” said REN CEO, Rodrigo Costa.
The loan falls under Europe’s REPowerEU Plan to increase dependence on green energy and ensure the region’s competitiveness and autonomy. Renewable energy capacity totaling 4.2 GW will be connected to Portugal’s electricity transmission network. The funds will be used toward renovation, extension and modernization of substations, lines and systems of protection and control. A major part of the investments will be directed toward EU cohesion regions, as the EIB works toward bringing sustainable and equitable living standards across the European Union.
“With this committed financing we are fostering the connection of additional generation capacity from renewable energy sources, thus facilitating the delivering of green energy to households and companies across the country,” said EIB Vice-President, Ricardo Mourinho Félix.
