Estonia: Eesti Energia, EIB sign EUR 175m loan agreement
The European Investment Bank shares a long history with Eesti Energia, having provided the company with over EUR 500 million in loans since 2004.
- Country:
- Estonia
Eesti Energia has signed an EUR 175 million loan agreement with European Investment Bank (EIB) to finance investments into its distribution network. The maximum tenor of the debt facility is 20 years.
The European Investment Bank shares a long history with Eesti Energia, having provided the company with over EUR 500 million in loans since 2004. The facility regards investment activities to extend and refurbish the electricity distribution networks in Estonia during the period 2019-2023 and includes investments in public lighting and charging stations for electric vehicles to take place in the same period.
The EIB's Vice President Alexander Stubb commented: "Demand for electricity is going up all around the planet, which puts a heavy burden on the network. We're very happy to continue our collaboration with Eesti Energia, with whom we've been working ever since 2004, to support employment and energy security in Estonia."
At completion, some 4.100 km of the distribution network will be refurbished, with another 1.100 km newly constructed.
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