EIB funds will part-finance the company’s current three-year investment program, whose purpose is to modernize and expand the provision of electricity on these islands and also to enable a wider use of renewable energy.
Investments include a pumping and storage hydropower facility, new transmission and distribution lines and substations, many refurbishments and also efficient automatic and remote control systems.
The loan will help to ensure the security, reliability and cost-efficient provision of electricity for over 1,35,000 customers on the islands of Madeira and Porto Santo. Improvements will positively affect the standard of services for existing customers, while also catering for growing customer demand and ensuring a better quality and reliability of the supply, EIB said.
Carlos da Silva Costa, vice-president of EIB, said: “The EIB is happy to support Electricidade da Madeira’s program, which will bring clear environmental benefits and have a positive impact on the security of the energy supply for customers in Madeira and Porto Santo. This project will promote the EU objectives of improving energy efficiency and security of supply.”
The project supports European and national targets for renewable energy generation and contributes to the climate change and security of energy supply objectives of the EU, which are priority lending objectives of the EIB.
