Largest ever EIB loan provides £1.5bn for National Grid investment
The European Investment Bank has agreed to provide GBP 1.5 billion (EUR 1.92 billion) for investment by National Grid plc across its national electricity transmission network. This new support for connecting new power generation, upgrade ageing assets and improve network resilience to climate and security risks represents the largest ever single loan made by Europe’s long-term lending institution. The new long-term loan will include capital investment by National Grid reinforcing infrastructure between the Wirral and Scotland, and the London Power Tunnels.
“Investment in the UK electricity transmission network is essential to prepare for future demand, connect new sources of renewable energy and upgrade old facilities. This agreement, the largest ever single loan to be provided by the European Investment Bank, reflects both the scale of energy investment needed and National Grid’s own experience in implementing such a diverse capital investment programme.” said Jonathan Taylor, European Investment Bank Vice President.
Malcolm Cooper, Global Tax and Treasury Director at National Grid highlighted that “the significant European Investment Bank loan will be used to fund infrastructure investment and build an electricity network for the future.”
The EIB backed programme will also include improvements to protect critical infrastructure from floods and providing substation capacity needed for new connections to offshore wind farms and new interconnectors to continental Europe.
Since 2009 the EIB has provided GBP 5.7 billion for investment in energy infrastructure, including electricity distribution, offshore transmission links, energy efficiency, interconnectors to the continent and wind farms such as London Array and West of Duddon Sands.
Over the last five years the European Investment Bank has provided nearly GBP 22 billion for investment in UK infrastructure including transport, social housing, hospital, water, schools and universities.
Latest News from
President von der Leyen marks the EU's commitment to the Partnership for Global Infrastructure and Investment (PGII) during the event hosted at the G20 in New Delhi12/09/2023 15:25:00
President von der Leyen recently (09 September 2023) spoke at the G20 event on PGII hosted by Prime Minister Modi and President Biden.
Summer 2023 Economic Forecast: Easing growth momentum amid declining inflation and robust labour market12/09/2023 13:25:00
The European Commission yesterday presented the Summer 2023 Economic Forecast
Climate change: Deal on a more ambitious Emissions Trading System (ETS)20/12/2022 10:33:00
On Saturday night, MEPs and EU governments agreed to reform the Emissions Trading System to further reduce industrial emissions and invest more in climate friendly technologies.
EU and Ukraine sign €100 million for the rehabilitation of war-damaged schools *20/12/2022 09:25:00
Exactly three months after President von der Leyen's announcement in her 2022 State of the Union Address, the European Commission and the Government of Ukraine have signed a €100 million support package for the reconstruction and rehabilitation of schooling facilities damaged in Russia's full-scale war of aggression against Ukraine.
NextGenerationEU: European Commission endorses positive preliminary assessment of Portugal's second request for €1.8 billion disbursement under the Recovery and Resilience Facility19/12/2022 16:33:00
The European Commission recently (16 December 2022) endorsed a positive preliminary assessment of Portugal's payment request for €1.8 billion of grants and loans under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.
'Fit for 55': Council and Parliament reach provisional deal on EU emissions trading system and the Social Climate Fund19/12/2022 15:25:00
The Council and the European Parliament reached a provisional political agreement on important legislative proposals of the ‘Fit for 55’ package that will further reduce emissions and address their social impacts.
Ukraine: EU agrees ninth package of sanctions against Russia19/12/2022 14:33:00
The Commission welcomes the Council's adoption of a ninth package of hard-hitting sanctions against Russia for its aggression against Ukraine.
Council and European Parliament agree on new safety requirements for machinery products19/12/2022 13:25:00
The Council and the European Parliament negotiators have reached a provisional agreement on the regulation for machinery products. The proposed legislation transforms the 2006 machinery directive into a regulation.