Red Electrica de Espana gets $477m to boost Spanish grid

The European Investment Bank (EIB) is providing a €450m ($477m) loan to Red Eléctrica de Espaàƒ±a so it can extend and improve its electrical transmission network in Spain.

At a ceremony in Madrid, EIB Vice-President Romàƒ¡n Escolano and REE chief executive Juan Lasala Bernard signed a financing agreement that they said would help to safeguard Spain’s future electricity supply.

The EIB financing will fund investments across mainland Spain and the Balearic and Canary Islands, covering a total of more than 1500à‚ km of new power lines, of which more than 200à‚ km will run under the sea.

Red Eléctrica has a strategic plan to boost power infrastructure connecting Spain with France and Portugal and also optimise electricity supply across the Spanish mainland.

Construction projects include a new high-voltage power line connecting Asturias and Galicia in the north and another between Extremadura and Andalusia in the south.

A major investment will be the construction of an undersea connection between Ibiza, Majorca and the mainland to secure electricity supply on the islands.

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