Endesa, the Spanish national power company, will receive EUR 500 million in financing from the European Investment Bank to upgrade and expand its distribution network to accommodate more renewable energy.
Endesa, a Spanish subsidiary of National Electric Italia, will implement the project over the next two years in an effort to improve quality and efficiency and increase access to more renewable energy sources by improving the sustainability of power supply facilities. The upgrade will cover six regions: Aragon, Balearic Islands, Catalonia, Canary Islands, Andalusia and Extremadura.
Most projects will create jobs for more than 17,500 people in the implementation phase. Distribution network upgrades include the installation of new low-voltage lines and overhead lines to replace underground cables.
The loan from the European Investment Bank will also enable Endesa to automate power facilities and improve remote control of substations.
Earlier, Endesa announced that it will invest 2 billion euros to strengthen its distribution network between 2017 and 2020.