In Slovenia, energy distribution firm Elektro Maribor has secured a €31 million ($34.4 million) loan from the European Investment Bank (EIB) to reinforce its grid network.
The utility will use the loan to maintain and improve its high, medium and low power distribution network is Slovenia’s second largest city Maribor.
The loan will help further increase the stability of electrical distribution and develop electrical infrastructure for more than 219,000 users in North Eastern Slovenia.
Elektro Maribor will advance its metering infrastructure to optimize smart grid investments, reduce technical and non-technical losses, improve consumer quality of life, enhance grid reliability and minimize power outages.
The EIB has invested €170.5 million ($189.7 million) in electric power distribution projects in Slovenia, bringing the total amount of its investments in Slovenia to €6.87 billion ($7.5 billion).
Liliana Pavlova, the vice president of the EIB, said: “This EIB investment delivers a more reliable electric distribution network in Slovenia and therefore improves the quality of life for thousands of Slovenians, as well as conditions for doing business in the country. Reliable power supply is also crucial for the country’s resilience in major crisis such as the COVID-19 pandemic. The European Investment Bank is happy to support this investment by Elektro Maribor and continue with supporting Slovenia develop further.”
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Boris Sovič, CEO of Elektro Maribor, said: “Elektro Maribor and the European Investment Bank have been cooperating very successfully since 2015. With its own resources and with the help of EIB funds, Elektro Maribor has increased the level of network robustness, smartness and strength as well as the number of grid-integrated renewable energy sources.
“The funds obtained with the new loan are in line with the needs and expectations of our users, households, business and public sector, intended for co-financing investments in stronger, more robust and advanced low- and medium-voltage networks. As distribution network represents the basic infrastructure of sustainable development, its strengthening is of a great importance for a successful transition to a low-carbon society.”