The European Investment Bank is providing €50m ($65m) to Portuguese energy company Electricidade dos Acores for power generation projects on the nine islands of the Azores archipelago.

The programme of work comprises geothermal and oil-fired projects and the implementation of approximately 200 transmission and distribution schemes.

Once completed, it will result in the addition of around 15.5 MW of generating capacity.

A third component of the project will involve investments in the upgrading of existing thermal power stations.

The nine volcanic islands of the Azores lie in the North Atlantic Ocean about 1500 km from Lisbon.