Naturgy and the European Investment Bank (EIB) have agreed a EUR 700 million loan, which the energy group will use to adapt its electricity distribution networks in Spain to further advance the energy transition and improve efficiency, service and quality of supply for the public.
This will provide the company with additional financial resources for the digitisation of its electricity networks and to improve its operational flexibility and efficiency. Modernising and improving the efficiency of the grid will also contribute to national and European Union (EU) climate targets.
The EIB funding, of which the first tranche of 500 million has been signed, will also help to integrate renewable energies into the distribution networks, thereby accelerating the energy transition and the decarbonisation of Spain’s electricity sector.
More than 75% of the total investments associated with the agreed funding will be carried out in regions whose per capita income is less than 75% of the EU average, such as Castilla-La Mancha, Castilla y León or Galicia. These areas will also benefit from the creation of 5,000 jobs during the implementation phase.
Naturgy’s CEO, Francisco Reynés, stressed the importance of the EIB loan because “it will make a very significant contribution to Spain’s progress towards decarbonisation of the economy, while at the same time strengthening the guarantee of supply for all citizens”. Reynés stated that “Naturgy has made an irreversible commitment to the energy transition, in which the integration of growing renewable power is crucial to advance the climate and sustainability goals of the PNIEC”.
