Image: Jan Baborak, Unsplash
The EIB lends €400 million to a Czech energy company ČEZ Group for the modernization and expansion of the country’s electricity distribution network.
ČEZ said it plans to reconstruct networks, install remotely controlled energy supply systems and build infrastructure that can integrate solar and wind energy with financing.
The modernization is expected to help absorb up to 5.5 GW of new renewable sources. The work should be completed in 2026.
EIB Vice-President Kyriacos Kakouris said the bank is committed to financing projects that increase energy resilience, support ecological transformation and strengthen the energy sector. Czech Republic energy independence.
“Investments in the modernization of our network are increasing every year and are gradually transforming the entire distribution environment, in which fast access to information plays an increasingly important role,” said Martin Novák, Chief Financial Officer of ČEZ. “Modern technologies are penetrating all parts of the distribution systems, and thanks to our strong partnership with the EIB, we are committed to accelerating this process.”
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