REN today signed an agreement with the European Investment Bank (EIB) for a long-term loan to the value of 80 million euros to be used to finance a series of investments during the period 2014-2019. This investment programme is intended to accelerate and streamline the integration of renewable energies, and to enhance and improve the Portuguese electricity transmission grid. This is the first instalment of a 200 million euro loan.
Rodrigo Costa, REN chairman, said, 'this loan is important for the realisation of REN's investment programme, particularly in terms of projects for extending and improving the electricity transmission grid.' While spread geographically throughout mainland Portugal, most of the investment will take place in designated convergence regions.
This investment will also enable the integration of renewable energy sources, the integration of more hydroelectric and wind energy generation, improvements to grid operations, efficiency enhancements and the mitigation of environmental impacts.
This is the third loan to be used to fund investments in the electricity transmission grid. The relationship between REN and the EIB dates to 1994 when REN was part of the EDP Group.
The financing contract was signed by Rodrigo Costa, REN chairman, and Róman Escolano, vice-president of the European Investment Bank.