In Estonia, energy company Eesti Energia has signed a €175 million loan agreement with the European Investment Bank (EIB) to finance investments into its distribution network.
Maximum tenor of the debt facility is 20 years.
EIB has provided the utility with over €500 million in loans since 2004.
Alexander Stubb, vice president of EIB, said: “Demand for electricity is going up all around the planet, which puts a heavy burden on the network. We’re very happy to continue our collaboration with Eesti Energia, with whom we’ve been working ever since 2004, to support employment and energy security in Estonia.”
At completion, some 4.100 km of the distribution network will be refurbished, with another 1.100 km newly constructed.
About Eesti Energia
Eesti Energia is a state-owned international energy company founded in 1939 that operates in the energy markets of the Baltic Sea countries, and also in the international liquid fuels market. Eesti Energia’s activities include operating the distribution grid, developing and operating renewable energy generation assets in the Baltic Sea area, offering energy solutions that include electricity, heat and fuel production, sales and customer service and other energy services.