- This loan comes after the deal formalised between Endesa and the EIB in November 2022 for 250 million euros, thus completing the 500 million total financing for the development and modernisation of distribution grids
- It is linked to the fulfilment of some indicators in the reduction of Endesa's direct emissions
Endesa and the European Investment Bank (EIB) signed today a second tranche of 250 million euros of sustainable financing to boost the investments that e-distribución, Endesa's grids subsidiary, will make in the 2022-2024 period for the improvement, modernisation and expansion of electricity distribution grids. Last November, both entities finalised a first tranche of 250 million within a total financing of 500 million euros to boost the deployment of smart grids.
This transaction complements previous credit facilities amounting to 1,350 million euros that Endesa has formalised with the EIB for the promotion of smart grids since 2014, further reinforcing the shared commitment of both entities to sustainable finance.
Endesa will use the funds to make progress in the modernisation of electricity infrastructures with the ultimate goal of increasing security and quality of supply. These investments will make it possible to substantially boost the digitalisation, automation and sensorisation of grids with more efficient electricity infrastructures that contribute to the energy transition, guaranteeing the integration of renewable energies, the deployment of electric vehicles or the promotion of self-consumption.
The investments will go to eight autonomous communities: Andalusia, Aragon, the Balearic Islands, the Canary Islands, Castile-Leon, Catalonia, Extremadura and Galicia. Most of these regions are considered cohesion regions by the EU. The operation therefore contributes to the IEB's regional cohesion and development objectives, which prioritise the promotion of projects in regions with a gross domestic product (GDP) per capita below the EU average.
In addition, the two loans signed with the EIB to promote smart grids will generate significant employment for around 8,000 people per year throughout their implementation, according to estimates.
Endesa's Strategic Plan for the 2023-2025 period places the strengthening and modernisation of distribution grids as one of the company's two strategic pillars in addition to the development of generation from renewable sources. Endesa will allocate 2,600 million euros in the three-year period to distribution grids. Throughout 2022, Endesa's grid subsidiary, e-distribución, the recipient of these investments, brought electricity to more than 12.5 million customers, including households and businesses, distributed among the twenty-four provinces in which it operates.
About Endesa
Endesa is the largest electricity company in Spain and the second largest in Portugal. The company is also the second largest gas operator in the Spanish market. Endesa operates an end-to-end generation, distribution and marketing business. Through Endesa X it also offers value-added services aimed at the electrification of energy usage in homes, companies, industries and Public Administrations. A new business line has also been created, Endesa X Way, fully dedicated to electric mobility. Endesa is firmly committed to the United Nations SDGs and strongly supports the development of renewable energies through Enel Green Power España, the digitalisation of grids through e-distribución, and corporate social responsibility (CSR). The Endesa Foundation is also active in CSR-related matters. Our workforce numbers around 9,260 employees. Endesa is a division of Enel, Europe's largest electricity group.