The Vice-President of the European Investment Bank (EIB), Román Escolano, and the CEO of Red Eléctrica de España (REE), Juan Lasala, today ratified a financing agreement for a total of €450 million. The agreement aims to finance a portion of the investments envisaged in REE’s Strategic Plan.

The support of EIB contributes not only to the strengthening of grid meshing on the Spanish peninsula, but also of international interconnections and of those between islands, priorities encompassed within the Trans European Energy Networks (TEN-E) Plan. These infrastructures are not only fundamental to improving the quality and safety of the electricity supply, but also to favouring sustainable development and employment.

At the signing ceremony, EIB Vice-President, Román Escolano, highlighted "the positive impact of this loan on the Spanish economy, guaranteeing and optimising electricity supply throughout Spain and allowing our renewable energy to be maximised, and its positive effect also on consumers, who will be able to benefit from new infrastructure and greater efficiency in the management of resources". In particular, the Vice-President stressed "the importance of investments in the Balearic Islands and Canary Islands, where these investments are even more necessary for the proper functioning of the electricity infrastructures that guarantee a suitable supply for the population and the development of economic activity".

Meanwhile, Juan Lasala, the CEO of REE, commented "We highly value the support provided by European institutions for the development of an efficient and sustainable electricity transmission grid, which contributes to achieving the targets set by the European Union".

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