BAKU, Azerbaijan, April 3. The European Investment Bank (EIB) has approved a 400 million euro loan to SachsenEnergie to support the modernization and expansion of electricity grids in Eastern Saxony, Trend reports.
The investment aims to enhance grid stability and integrate renewable energy sources.
SachsenEnergie, in collaboration with grid operator SachsenNetze, plans to invest 732 million euros in network upgrades by 2027. The EIB’s financial support will help ensure a stable power supply amid growing electricity demand from businesses and households.
EIB Vice President Nicola Beer highlighted the importance of reliable and affordable energy for economic resilience. She emphasized that expanding renewable energy must be accompanied by grid modernization to support the energy transition. SachsenEnergie CEO Dr. Frank Brinkmann stressed the challenges of financing large-scale grid expansion and acknowledged the EIB as a key financial partner.
The loan will fund infrastructure projects across Dresden and the surrounding districts, including Bautzen, Görlitz, Meißen, and Sächsische Schweiz-Osterzgebirge. Key projects include high-voltage grid expansions, new substations, and upgrades to Dresden’s Räcknitz substation, supporting industrial development in the region.
SachsenNetze aims to upgrade 170 kilometers of high-voltage lines and expand 20 substations by 2028. Between 2029 and 2033, an additional 125 kilometers of power lines and 29 substations will be improved. By 2045, the company plans extensive renovations across 280 kilometers of grid infrastructure.
This investment aligns with the EIB’s commitment to sustainable energy and climate goals, ensuring long-term energy security and supporting the green transition in Eastern Saxony.