EIB grants EUR250m loan to Swedish power distribution firm Ellevio
The European Investment Bank (EIB) has granted a EUR250m loan for Ellevio to support its investments in sustainable power network across Sweden.
Ellevio CEO Johan Lindehag said: “In 2015 we launched a major investment program to secure a sustainable electricity network for our customers also in the future. Over the period 2016-2019 Ellevio will invest SEK9bn (EU900m) into its networks. In the Stockholm region we modernize and increase capacity to meet the needs of a city that is growing rapidly.
In the rural network areas, we continue to renew the networks and secure them against weather related disturbances by replacing overhead lines with underground cables and thereby increasing reliability for our customers.
"The loan from European Investment Bank (EIB) will be used to finance these important undertakings."
The EIB offers long-term financing for sound and sustainable investment projects which contribute to strengthening EU policy objectives. This loan is given for investments planned for implementation in 2017-2019.
The investments focus on maintaining and improving security of supply, renewing aging networks, continuing to weather-proof rural networks, preparing the network for receiving more renewable electricity from wind power, and continuing to install smart meters. The program includes;
construction of over 6,400 km of underground cables and overhead lines,
construction of 75 primary substations and installation of 4,485 MVA of power transformer capacity, and over 2,000 secondary substations,
connection of over 16,000 new customers,
and installation of over 80,000 smart meters.
The loan period is 15 years. The EIB will monitor the progress of Ellevio’s work in accordance with the terms of the loan.
Source: Company Press Release