Spain: EIB and Redexis Gas sign EUR 160 million loan under EFSI for the expansion of natural gas facilities

The Vice-President of the European Investment Bank (EIB), Román Escolano, and the CEO of Redexis Gas, Fernando Bergasa, signed today in Zaragoza a EUR 160 million loan agreement under the European Fund for Strategic Investments (EFSI), the centre piece of the Investment Plan for Europe.

The EIB Vice-President said that he was “pleased to be signing this agreement with Redexis Gas, the EIB’s first with the company and one of the first under the European Fund for Strategic Investments. This project will facilitate access to natural gas for more homes and businesses and have a major impact on so-called convergence regions and rural areas”.

Redexis Gas’s CEO, Fernando Bergasa, added that “the loan will support Redexis Gas’s ambitious investment plans and will mostly be used to develop distribution networks in new municipalities and build new gas pipelines forming Spain’s future energy backbone. In 2015 alone, Redexis Gas has committed to investments totalling EUR 477 million”.

The loan will finance a programme of investment in natural gas transmission and distribution networks over the period 2015-2018, improving natural gas supply conditions in Spain. It will mostly be used to develop new distribution networks and build new pipelines supplying natural gas to more homes and businesses.

The loan will therefore contribute to the implementation of part of Redexis Gas’s ambitious investment plan, which consists of expanding on the basis of optimum quality and sustainability the existing 8 500 km gas network that it operates in ten Spanish regions.