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    • The project aims to increase the resilience of the grid, digitise services and offer more precise and personalised management of electricity consumption.
    • The operations will be carried out in the municipalities of Parma, Turin and Vercelli.
    • Green financing supports the objectives of REPowerEU, for which the EIB has earmarked additional financing of €45 billion by 2027.

    The European Investment Bank (EIB) and the Iren Group have signed a €200 million financing agreement to support the development and modernisation of electricity infrastructure in the municipalities of Parma, Turin and Vercelli.

    The main operations financed from the resources made available by the EIB concern the maintenance, renewal and development of existing distribution facilities, the installation of new smart meters and the construction of underground electricity substations to better withstand extreme heatwaves. The investments aim to enhance the performance and resilience of the electricity grid to extreme climate change-related phenomena, promote the electrification of energy demand and the digitalisation of services.

    The project will help meet Italy's national energy and climate targets and those of REPowerEU, for which the EIB has earmarked additional financing of €45 billion by 2027.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides long-term financing for sound investments that contribute to EU policy. The Bank finances projects in four priority areas: infrastructure, innovation, climate and environment, and small and medium-sized enterprises (SMEs). Between 2019 and 2021, the EIB Group provided €45 billion in financing for projects in Italy.

    Iren is north-western Italy’s leading multiutility in the electricity, gas, thermal energy for district heating, and energy efficiency sectors and in the management of integrated, environmental and technological water services. The group works to put regions on a path of sustainable growth by acting as a key partner for communities and the public sector in development and enhancement projects. With these goals in mind, it approved the most ambitious ten-year strategic plan in its history in 2021. Its March 2023 update includes €10.5 billion of investment by 2030, building on three key pillars: the green transition, local connections and service quality.