Brussels, 28/11/2011 (Agence Europe) - The European Investment Bank (EIB) announced on Thursday 24 November that it had granted Iberdrola a loan of €200 million to fund investment to modernise and enhance its electricity distribution grid. The loan will support Iberdrola's 2011 programme of investment in its domestic grid, to include the construction of a large number of electricity distribution systems across all voltage ranges and the installation of digital meters.
The main objective of the project is to expand and improve Iberdrola's electricity distribution infrastructure in order to improve the security, reliability and efficiency of the electricity supply, adapting it to predicted demand in the coming years, to the benefit of consumers and producers. The digital meters scheme will also make real-time information on energy use available to consumers, among other advantages, the EIB notes.
Funding will be invested in projects all over Spain, with 59% of projects situated in the country's convergence regions. (OL/transl.rt)