REN secures $485 M for power grid modernisation
Portugal, Lisbon: The European Investment Bank (EIB) is to lend €450 M to Redes Energéticas Nacionais SGPS, S.A. (REN) for Portuguese power grid upgrades.
Image source: Smart Energy International
Portugal, Lisbon: The European Investment Bank (EIB) is to lend €450 M ($484.6 M) to Redes Energéticas Nacionais SGPS, S.A. (REN) for Portuguese power grid upgrades.
This funding will go toward REN’s five-year electricity transmission investment program (2022-2026), which is part of the larger REPowerEU Plan to enhance green energy and strengthen the EU’s autonomy and competitiveness.
A signature ceremony took place in Lisbon on 24 March where the EIB Vice-President Ricardo Mourinho Félix and the CEO of REN Rodrigo Costa highlighted the significance of the funding.
The project is expected to support the modernisation and efficient operation of the electricity transmission network in Portugal, increase its capacity, and enable the connection and integration of new renewable energy sources.
“Resilient and efficient energy networks are critical for the economy and citizens of a country.
“Moreover, with this committed financing we are fostering the connection of additional generation capacity from renewable energy sources, thus facilitating the delivering of green energy to households and companies across the country,” commented Félix.
Source: Smart Energy International
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