EIB and Iren Group Secure €200 Million for Modernizing Italy’s Electricity Infrastructure

EIB and Iren Group Secure €200 Million for Modernizing Italy’s Electricity Infrastructure

(IN BRIEF) The European Investment Bank (EIB) and the Iren Group have signed a €200 million financing agreement to enhance electricity infrastructure in Parma, Turin, and Vercelli. The project focuses on increasing grid resilience, digitizing services, and improving electricity consumption management. Key initiatives include upgrading distribution facilities, installing smart meters, and constructing underground substations. This effort supports Italy’s national energy and climate goals and aligns with REPowerEU’s objectives, for which the EIB has committed an additional €45 billion by 2027.

(PRESS RELEASE) LUXEMBOURG, 20-Jun-2024— /EuropaWire/ — A significant initiative is underway to enhance the resilience of the electrical grid, digitize services, and provide more precise and personalized management of electricity consumption in the municipalities of Parma, Turin, and Vercelli. This ambitious project, supported by green financing, aligns with the goals of REPowerEU, with the European Investment Bank (EIB) committing an additional €45 billion in financing by 2027.

Recently, a substantial financing agreement worth €200 million was signed between the European Investment Bank (EIB) and the Iren Group. This agreement is dedicated to supporting the development and modernization of electricity infrastructure across the aforementioned municipalities.

The primary operations funded by this agreement include the maintenance, renewal, and development of existing distribution facilities, the installation of new smart meters, and the construction of underground electricity substations designed to better withstand extreme heatwaves. These investments are aimed at improving the performance and resilience of the electricity grid against extreme climate change-related events, promoting the electrification of energy demand, and advancing the digitalization of services.

By facilitating these advancements, the project will significantly contribute to achieving Italy’s national energy and climate objectives, as well as the broader goals of REPowerEU. This initiative underscores the EIB’s commitment to bolstering energy infrastructure and addressing the pressing challenges posed by climate change.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2021, the EIB Group provided €45 billion in financing for projects in Italy.

Iren is north-western Italy’s leading multiutility in the electricity, gas, thermal energy for district heating, and energy efficiency sectors and in the management of integrated, environmental and technological water services. The group works to put regions on a path of sustainable growth by acting as a key partner for communities and the public sector in development and enhancement projects. With these goals in mind, it approved the most ambitious ten-year strategic plan in its history in 2021. Its March 2023 update includes €10.5 billion of investment by 2030, building on three key pillars: the green transition, local connections and service quality.

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SOURCE: European Investment Bank