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REPowerEU: EIB lends €500 million to Enexis to upgrade and expand the capacity of its electricity network

21 Dec 2023
  • The EIB has signed a €500 million lending agreement enabling Enexis to expand and increase the capacity of its electricity network.
  • The investments, aligned with the objectives of the REPowerEU initiative, will take place in the Dutch provinces of Groningen, Drenthe, Overijssel, Noord-Brabant and Limburg.
  • By expanding capacity, the project is expected to cater to the increased production and consumption of renewable energy related to the green transition.

The European Investment Bank (EIB) has signed a €500 million loan to Dutch distribution system operator (DSO) Enexis to finance part of its 2023-2024 investment activities. By refurbishing, upgrading and expanding its electricity network in the Netherlands, the Dutch grid operator intends to use the funding to future-proof its operations. The investments linked to the deal are expected to be concluded by the end of 2024. The loan falls under the EIB’s priorities in terms of climate action and environmental sustainability, and is aligned with the REPowerEU initiative.

“As Europe’s climate bank, tackling the financing challenges of the energy transition is currently one of our top priorities.” commented EIB Vice-President Kris Peeters. “In the light of the switch to renewable energy sources and difference in generating habits, adequate grid capacity becomes ever more important to avoid losing energy during peak periods of wind or sunlight. Enexis will significantly reinforce and expand its network to cater for the transition to green energy, and we’re happy to support that.”

CFO of Enexis Mariëlle Vogt added: “We are proud to welcome the EIB as our new financial partner, and we are happy to see how the EIB’s commitment aligns with the rollout of our own strategy. The network improvements that will be financed with this loan will target all the areas where Enexis is active, meaning the provinces of Groningen, Drenthe, Overijssel, Noord-Brabant and Limburg.”

Enexis’ investments will include the overhaul or new installation of around 7 500 km of new medium-voltage underground cables, 2 000 secondary substations, some 7 100 km of low-voltage cables, and the installation of around 370 000 smart meters. Overall, the project is expected to generate over 6 500 full-time employment positions during the construction phase.