Dutch Network company Alliander has signed a EUR300m loan agreement with the European Investment Bank.
The loan will be used to renew and expand the distribution network used by Liander, a subsidiary of Alliander, to supply electricity to consumers.
This investment will contribute to making the network ready for the future. The investment programme is expected to conclude in late 2018.
"Grid operators play an important role in the transition to the sustainable energy supply of the future, this will require substantial investments. The EIB is very pleased to be able to contribute to this through this loan," says EIB Vice-President Pim van Ballekom. "Alliander is a new client for the bank. Every day Alliander reaches more than three million customers in the Netherlands, meaning it plays an important role in society; that is an important factor for the Bank when considering whether to award a loan."
Mark van Lieshout, Alliander's CFO added: "With this loan the EIB is contributing to the diversification of our funding sources, and is financing part of our investments over the coming years. These investments are necessary to enable the transition to a sustainable energy supply and ensure that energy supply in the future will remain affordable, reliable and accessible."
Improvements will be made to the grid in the areas where Liander operates: the Provinces of Gelderland and North Holland, large parts of the Provinces of Friesland and Flevoland and part of the Province of South Holland.