Luxembourg, 28/11/2001 (Agence Europe) - The European Investment Bank (EIB) has granted a loan of EUR 100 million to the company Iberdrola S.A., and has announced that it is willing to provide an additional EUR 200 million in 2002 in order to contribute to the development of its electricity distribution network in Spain. The investment, to be made over the period 2002-2004, includes the study, design, supply, erection and commissioning of transformer capacity and underground cables.
The project will allow the demand for electricity to be met, by improving the quality and reliability of supply and by reducing technical losses. Furthermore, it will give the company concerned the means to comply with Community legislation on safety and environment protection. "Investment by Iberdrola will help to achieve a degree of market opening in Spain much wider than the minimum required under EU Directives on the internal electricity market", the EIB states in a press release, adding "it is foreseen that, by 2003, all Spanish consumers will be free to choose a supplier through electricity trading companies. The new infrastructure will be open to all agents in the sector"