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
Afghanistan: Commission announces €1 billion Afghan support package13/10/2021 09:25:00
During the G20 meeting on Afghanistan, President of the European Commission, Ursula von der Leyen, will announce a support package worth around €1 billion for the Afghan people and neighbouring countries, addressing the urgent needs in the country and the region.
Statement by President von der Leyen at the joint press conference with President Michel and President Zelensky following the EU-Ukraine Summit12/10/2021 16:33:00
Statement given by President von der Leyen at the joint press conference with President Michel and President Zelensky following the EU-Ukraine Summit.
Ukraine: EU sanctions eight more people over territorial integrity12/10/2021 15:25:00
The Council yesterday decided to impose restrictive measures on an additional 8 individuals for actively supporting actions and implementing policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.
EU-Ukraine Summit: Moving Forward Together12/10/2021 14:43:00
Today, at the 23rd EU-Ukraine Summit in Kyiv, the European Union and Ukraine reaffirmed their strong partnership and commitment to strengthening the political association and economic integration of Ukraine with the European Union.
EU sanctions against chemical weapons renewed for one year12/10/2021 13:25:00
The Council yesterday decided to extend the restrictive measures against the proliferation and use of chemical weapons for an additional year, until 16 October 2022.
Joint EU-US Statement on the Global Methane Pledge12/10/2021 11:33:00
Joint EU-US Statement given yesterday on the Global Methane Pledge.
Zero pollution: Commission report shows more needs to be done against water pollution from nitrates12/10/2021 09:25:00
The latest Commission Report on the implementation of the Nitrates Directive (based on data for 2016-2019) warns that nitrates are still causing harmful pollution to water in the EU.
EU announces vital €92 million contribution in support of UNRWA's operations11/10/2021 16:33:00
The European Union recently (08 October 2021) disbursed an essential payment of €92 million to the United Nations Relief and Works Agency for Palestine Refugees (UNRWA).
Commission to provide 60,000 rail passes to young Europeans11/10/2021 15:25:00
The Commission will provide free travel rail passes to 60,000 Europeans aged from 18 to 20 years, thanks to DiscoverEU.
Statement by President von der Leyen following the OECD/G20 Inclusive Framework meeting on the Global Agreement on International Taxation Reform11/10/2021 13:25:00
Statement given recently (08 October 2021) by President von der Leyen following the OECD/G20 Inclusive Framework meeting on the Global Agreement on International Taxation Reform.