Portugal’s REN secures €450m for transmission network modernisation
The European Investment Bank (EIB) has agreed to lend €450 million ($484.6 million) to Redes Energéticas Nacionais SGPS, S.A. (REN) to reinforce and upgrade the Portuguese electricity transmission network.
This financing will contribute to REN’s five-year electricity transmission investment programme (2022-2026) and is part of the wider REPowerEU Plan to boost green energy and support the EU’s autonomy and competitiveness.
A signature ceremony took place in Lisbon on Friday where the EIB Vice-President Ricardo Mourinho Félix and the CEO of REN Rodrigo Costa highlighted the significance of the €450 million.
Said Costa: “We are extremely pleased to have EIB supporting our commitment to the energy transition. REN is at the core of that movement and this green loan will help us to do more and better in an increasingly complex energy system.
“It will reinforce our investment capacity and will accelerate the development of new grid projects that will further enhance the use of renewable energy. These projects are part of a pan-European effort that is absolutely vital if we want to be successful addressing the climate change threats”.
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The project is expected to support the modernisation and efficient operation of the electricity transmission network in Portugal, increase its capacity, enable the connection and integration of new renewable energy sources (4.2GW in total additional capacity) and enable REN to maintain the reliability and quality of electricity supply.
This will include, among others, extension, refurbishment and modernisation of lines, substations and control and protection systems. Of the project, 10% is dedicated to improving the resilience of the network to climate change events, e.g. through reinforcement of towers and cables.
The programme is geographically dispersed throughout mainland Portugal, and it is expected that the majority of the investments will be in areas designated as EU cohesion regions.
Commented EIB’s Félix: “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.”
