The European Investment Bank (EIB) has provided a €500m loan to electric utility company Endesa to support the upgrade of its power distribution grid.

To be implemented over the next two years, the upgrade will enhance the quality and efficiency of the company’s electricity supply facilities, making them more environmentally friendly and sustainable.

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The project will also help expand Endesa’s network of connections to renewable energy sources.

The upgrade will be conducted in Spain in Aragon, the Balearic Islands, Catalonia, the Canary Islands, Andalusia and Extremadura. More than 17,500 job opportunities are expected to be generated.

“Distribution grid enhancements will include laying new low-voltage lines and replacing overhead power lines with underground cables.”

EIB vice-president Román Escolano said: “One of the EIB’s priorities is to ensure the necessary finance is available to guarantee a secure and sustainable power supply.

“We are therefore pleased to support this project to revamp electricity facilities, with a two-fold objective to enhance supply quality and contribute to tackling climate change through a more sustainable electricity system.”

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Distribution grid enhancements will include laying new low-voltage lines and replacing overhead power lines with underground cables to reduce both the environmental impact and power cuts caused by fallen trees and branches.

The loan will also be used by Endesa to help automate power facilities, improving the remote control of the company’s substations and integrating them with new systems to detect leaks and unauthorised supply connections.

Modernisation of the distribution grid will also include the installation of more than 2.5 million smart meters that will help customers accurately monitor their electricity consumption.