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Portugal: EIB commits €450 million green loan to support REN plan for the extension and reinforcement of the electricity transmission network
(IN BRIEF) The European Investment Bank (EIB) has agreed to provide a €450 million loan to Redes Energéticas Nacionais SGPS, S.A. (REN) to finance the upgrading and reinforcement of the Portuguese electricity transmission network and renewable energy connections. The project will support REN’s five-year electricity transmission investment programme and benefit numerous regions across Portugal. This funding is part of the wider REPowerEU Plan to promote green energy and support Europe’s energy independence. The programme will geographically disperse throughout mainland Portugal, with the majority of the investments expected to be in EU cohesion regions.
(PRESS RELEASE) LUXEMBOURG, 24-Mar-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, has announced a €450 million loan to Redes Energéticas Nacionais SGPS, S.A. (REN) to finance the reinforcement and upgrading of the Portuguese electricity transmission network and renewable energy connections. This funding will support REN’s five-year electricity transmission investment programme (2022-2026) and benefit numerous regions across Portugal.
The €450 million green loan committed by the EIB in Portugal is part of the wider REPowerEU Plan, aimed at promoting green energy and supporting the EU’s autonomy and competitiveness. The EIB’s total contribution of €30 billion to REPowerEU is expected to mobilize over €115 billion of additional investment by 2027 in support of green technologies and Europe’s energy independence.
At a signature ceremony in Lisbon today, EIB Vice-President Ricardo Mourinho Félix and REN CEO Rodrigo Costa highlighted the significance of the €450 million loan committed to financing the modernization and capacity increase of the electricity transmission network in Portugal.
“We are extremely pleased to have EIB supporting our commitment to the energy transition. REN is at the core of that movement and this green loan will help us to do more and better in an increasingly complex energy system,” REN CEO, Rodrigo Costa said. ”It will reinforce our investment capacity and will accelerate the development of new grid projects that will further enhance the use of renewable energy. These projects are part of a pan-European effort that is absolutely vital if we want to be successful addressing the climate change threats”.
EIB Vice-President, Ricardo Mourinho Félix, stressed that “resilient and efficient energy networks are critical for the economy and citizens of a country. We are very pleased to strengthen our relationship with REN to support the modernization and upgrade of the Portuguese electricity transmission network. Moreover, 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. The size of the loan also reflects the strong commitment of the EIB to be a main agent for the green transition in Portugal”.
The project will support the modernization and efficient operation of the electricity transmission network in Portugal, increasing its capacity, enabling the connection and integration of new renewable energy sources (4.2 GW in total additional capacity), and ensuring REN can maintain the reliability and quality of electricity supply. This will include the extension, refurbishment, and modernization of lines, substations, and control and protection systems. Additionally, 10% of the project will be dedicated to improving the network’s resilience to climate change events, such as reinforcing towers and cables.
The programme will be geographically dispersed throughout mainland Portugal, with the majority of the investments expected to be in areas designated as EU cohesion regions. This underscores the EIB’s commitment to supporting the convergence of living standards and equitable, sustainable growth across the Union.
Background information
EIB
The European Investment Bank Group (EIB Group), which consists of the EIB and the European Investment Fund (EIF), reported another year of excellent results in Portugal, with overall financing signed in 2022 reaching €1.7 billion.
REN – Redes Energéticas Nacionais operates in two main business areas: the transmission of very high voltage electricity and the global technical management of the Electricity System; the transport of high-pressure natural gas and the global technical management of the Natural Gas System, ensuring the reception, storage and regasification of LNG, as well as the underground storage of natural gas. REN is also present in the telecommunications business, through RENTELECOM, which includes diversified services, including infrastructure, managed services or consultancy. Satisfying all the quality and safety criteria required of it, REN wants to be one of the most efficient European operators of the electricity and natural gas transmission system and, thus, build value for its shareholders.
Media contact:
Maite Cordero
m.corderomunoz@eib.org
+352 4379 – 84551
Press Office
press@eib.org
+352 4379 – 21000
SOURCE: European Investment Bank
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