Collection of 75 million euros from an EIB loan contract for investments to modernize and develop the electricity distribution network managed by the Group
IREN S.p.A collected today 75 million euros from the loan agreement with the EIB signed on 28 March 2017, intended to support some important projects for the development and modernization of electricity grids with characteristics of environmental sustainability. The investment program focuses in particular on upgrading existing plants and replacing around 100,000 meters with second generation facilities. Among the various objectives are those of improving load management and ensuring the optimal level of safety, while reducing electricity losses.
The loan, collected in a single tranche, is characterized by a duration of 15 years (expiration on 15th December 2034) and a variable rate condition equal to Euribor 6 months increased by a spread of 48.8 Bps.
This disbursement further strengthens the Group's liquidity profile by guaranteeing a long-term source of financial funding and at very competitive conditions in a market scenario characterized by strong volatility.
The operation testifies the long-term collaboration between EIB and the Multiutility and underlines the constant attention that IREN has always placed on the issues of environmental, social and economic sustainability both in its daily and investment activity, in order to guarantee its own development and the growth of the territories in which it operates.