€400 M for Germany grid upgrade
The funds are necessary for modernisation of the grid
Image for illustration purposes.
Germany: The European Investment Bank (EIB) will lend €400 million ($425.4 million) for the upgrade and digitisation of the electricity grid in the federal state of Thuringia in central Germany to allow the adoption of renewable energy sources and meet the needs in rural areas. The funds will go to municipal utility Thüringer Energie AG (TEAG) whose subsidiary TEN will focus on transforming electricity grids.
The overall cost of the project is estimated to be €600 million. Installation of new or replacement of power cables and overhead lines of all voltages, construction of new substations and provision of modern network components for automated and digital dispatching are planned. The funds are necessary for modernisation of the grid to allow the connection of more decentralised producers and users of solar and wind power, including consumers who want to have solar panels, heat pumps and wall boxes.
“The grid needs to be readied to handle the feed-in of larger volumes of electricity from wind and solar power. The development of the grid also in rural areas will help to reduce greenhouse gas emissions and improve energy security for the people of Thuringia,” EIB vice-president Nicola Beer commented.
Source: Renewables Now
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