BAKU, Azerbaijan, December 2. The European Investment Bank (EIB) has approved a €400 million loan to Czech energy supplier ČEZ to modernize and expand the country’s electricity distribution network, Trend reports via the EIB.
This funding aims to enhance energy services and increase the supply of green energy across the Czech Republic.
ČEZ will use the loan to upgrade power grids, install remotely controlled energy systems, and develop infrastructure capable of integrating up to 5.5 gigawatts of new renewable energy from sources such as solar and wind. These improvements will not only strengthen the reliability and efficiency of the electricity network but also significantly boost the country’s energy independence by reducing reliance on imported fossil fuels.
This loan aligns with the European Union’s REPowerEU initiative, which seeks to accelerate the green transition and reduce dependency on Russian energy.
The new financing builds on the EIB’s previous €790 million loan to ČEZ in 2022. Over the years, the EIB has provided nearly €2.8 billion in funding to ČEZ for projects that enhance the Czech Republic's energy infrastructure, focusing on reliability, efficiency, and sustainability.
As part of its broader strategic goals, the EIB continues to support initiatives that advance climate action, energy efficiency, and economic and social development across Europe.
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