European Investment Bank and Spain Allocate €870 Million for Power Grid Modernization
The European Investment Bank (EIB) and Spain's Ministry of Economy, Trade and Business have announced a significant financial package aimed at modernizing the electricity distribution networks in Spain. The initiative involves a total of €870 million in financing to the energy company Naturgy. This funding is divided into two loans: €520 million from Spain’s Regional Resilience Fund and €350 million from the EIB. The investment will focus on upgrading and digitalizing Naturgy's electricity distribution grids across five autonomous communities: Andalusia, Castilla-La Mancha, Castile and León, Galicia, and Madrid. The project includes the construction and reinforcement of approximately 2,300 kilometers of electricity networks, incorporating new lines and upgrades to existing infrastructure. The initiative also aims to enhance the grid's digital capabilities, improve automation and remote control systems, and reduce grid losses. 
