Brussels, 02/11/2010 (Agence Europe) - On Thursday 28 October, the European Investment Bank (EIB) granted a €200 million loan to Red Eléctrica de España (REE) to finance its 2009-2011 programme. In a press release, EIB announces it will provide a total of €600 million for this project.
The EIB loan will support REE's three-year (2009-2011) investment programme to upgrade and extend Spain's electricity transmission network. The project's main goal is to cater for the growth in demand in certain parts of the system, including the power supply for high-speed rail infrastructure. It will also enable efficiency gains in the supply of both traditional and renewable energy sources. Some schemes will also serve to improve the reliability of supply for isolated insular systems.
The schemes financed will be spread throughout Spain, with over half of them in convergence regions. They will foster the connection and efficient use of traditional and renewable energy sources and improve the security of supply through the creation of additional capacity. (O.L./transl.jl)