European Bank lends Spain’s Gas Natural Fenosa €475m for grid upgrade

The European Investment Bank has granted Spain’s Gas Natural Fenosa a €475m loan to upgrade its power grid and install meters.

Gas Natural Fenosa will use the funding for a four-year programme of investment in upgrading and expanding its overhead distribution network, laying underground cables and building low to high voltage substations.

The schemes will be spread across the four Spanish regions of Madrid, Castilla-La Mancha, Castilla y León and Galicia.

The bank said that Gas Natural Fenosa’s programme met the priority of the bank and the EU of “fostering economic and social cohesion and will help to enable the achievement of a secure and competitive energy supply”.

For the past nine years, Spain has been the biggest recipient of European Investment Bank funds. In 2012, the bank provided finance to the country of €8bn.

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