>@Mercedes Landete/Red Eléctrica
©Mercedes Landete/ Red Eléctrica

The European Investment Bank (EIB) is providing a EUR 450m loan to enable Red Eléctrica de España (REE) to make the investment needed to extend and improve its electrical transmission network in Spain. EIB Vice-President Román Escolano and REE CEO Juan Lasala Bernard today signed a financing agreement that will help to safeguard future electricity supply at a ceremony in Madrid.

The financing facilitated by the EIB will fund investments across mainland Spain and the Balearic and Canary Islands, falling under the priorities of the EU's Trans-European Energy Networks (TEN-E) plan, covering a total of more than 1 500 km of new power lines, over 200 km of which will run under the sea.

In concrete terms, Red Eléctrica's strategic plan (partly financed by the EIB), has made it possible to improve the electricity infrastructure connecting Spain with France and Portugal and to optimise electricity supply across the Spanish mainland with construction projects including a new high-voltage power line connecting Asturias and Galicia in the north and another between Extremadura and Andalusia, and the improvement of the existing line in Catalonia. One of the most important investments was the construction of an undersea connection between Ibiza, Majorca and the mainland to secure electricity supply on the islands.

The investments covered by this financing agreement will contribute to better cost effectiveness and sustainable growth in the Spanish economy, while simultaneously having a major impact on job creation.

At the signing ceremony, EIB Vice-President Román Escolano highlighted “the positive impact of this loan on the Spanish economy, securing and optimising electricity supply across the country and taking better advantage of our renewable energy sources. It will also have a positive effect on consumers, who will benefit from new infrastructure and more efficient resource management.” The Vice-President placed particular emphasis on “the importance of the investments for the Balearic and Canary Islands, where they are even more necessary to ensure that electricity infrastructure operates properly, guaranteeing sufficient supply for the population and economic activity.” 

REE CEO Juan Lasala added: “We very much appreciate the support provided by the European institutions for developing an efficient and sustainable electricity transmission network, helping to reach the objectives set by the EU.