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EIB grants Endesa a loan of 500 million
The European Investment Bank (EIB) granted Endesa a loan of 500 million euros to finance the modernization of the electricity distribution network.
The objective of the project, which will be implemented in the next two years, is to improve the quality of Endesa's electricity supply infrastructures, so that they are more respectful of the environment.
The actions to improve the network will be carried out in six autonomous communities, Aragon, the Balearic Islands, Catalonia, the Canary Islands, Andalusia and Extremadura, and will require the employment of more than 17,500 people during the project's execution phase.
Most of the investment is aimed at making new electricity connections produced from renewable energy, which will allow Endesa to expand its customer network and bring electricity to public transport.
Improvements to the distribution network include the construction of new low voltage lines and the substitution of underground cables, in order to reduce the environmental impact and supply cuts caused by falling trees and branches.
The loan, with a 12-year maturity, will also finance greater automation of electrical infrastructures and improve the remote control of Endesa's substations, which will also have new systems to detect leaks and unauthorized supply connections.
More than 2.5 million smart electric meters will also be installed, which will provide information to adapt the electricity consumption to the different hourly rates.
The agreement was signed in Madrid by the CEO of Endesa, José Bogas, and the vice president of the EIB, Román Escolano.