Portuguese power grid company Redes Energéticas Nacionais (REN) will receive 80 million euros from the European Investment Bank (EIB) to finance investments in the electricity transmission network by 2019, the company said in a statement.
The Portuguese company said in a statement issued through the Portuguese securities market commission (CMVM) that the sum was the first tranche of a loan of 200 million euros, which was taken on from the bank.
The company’s chairman, Rodrigo Costa said in a statement that “this loan is important to the achievement of REN’s investment programme, especially in terms of projects for extension and improvement of the electricity transmission grid.”
REN’s strategic plan outlines an investment of up to 900 million euros in international projects and between 700 million and 800 million euros in Portugal by 2018.
Investment in Portugal will be made in the electricity grid, which will consume between 500 million and 550 million euros and the gas grid, in which REN plans to invest between 200 and 250 million euros.
REN’s main shareholders are State Grid Europe, a subsidiary of the China State Grid group, with 25 percent and Mazoon BV, a subsidiary of the Oman Oil Company group, with 15 percent. (macauhub/CN/ PT)