Terna has signed an agreement with the European Investment Bank for a loan of 490 million euro. The amount will be used to support investments aimed at implementing the reliability and quality of the electricity grid.
"For the first time in the history of relations between Terna and the Bank, the loan is dedicated to "renewal investments": the replacement of assets and individual components, adopting the most modern solutions in terms of better eco-compatibility with the host environment" , Terna announced in a note. With this operation, the total loans existing between Terna and the EIB rise to 2,15 billion.
Going into detail, the loan will be disbursed in two fixed-rate tranches, each with a duration of approximately 22 years. The first disbursement, equal to 147 million euros, will arrive in June 2020. The fixed rate has been set at 0,717%. The second tranche, scheduled for March 2021, will instead be equal to 343 million euros and will be subject to a fixed rate of 0,78%.
“This transaction confirms the commitment of the European Union bank in the crucial sector of energy networks and further strengthens the fruitful collaboration with Terna: in recent years we have supported the company in the main investment plans for the modernization and development of the electric transmission or, for example, with the Italy-France interconnection, a project of international excellence. With this new loan, our existing loan commitment with Terna exceeds a total of two billion", commented Dario Scannapieco, Vice-President of the EIB.
“The contribution that the European Investment Bank offers to improve the reliability and quality of the electricity grid is very important to us. The acceleration of investments in the national transmission grid, in support of the energy transition underway in the country, allows us to look with confidence towards an increasingly secure, efficient and sustainable integrated electricity market” said Luigi Ferraris, CEO and General Manager of Terna.
