Tuesday, January 19, 2021
Home Finance Slovenian power distributor secures 31 million euros loan from EIB

Slovenian power distributor secures 31 million euros loan from EIB

The European Investment Bank (EIB) approved a 31 million euros loan to Slovenia’s electricity distributor Elektro Maribor to maintain and improve the reliability and quality standards of electricity supply in North-East Slovenia. The EIB loan supports Elektro Maribor’s 81,2 million euros investment in the reconstruction and development of its electricity distribution network.

Elektro Maribor will be able to reinforce and refurbish high, medium and low voltage networks and also to expand the national electric grid by connecting new users and integrating renewable energy generation,” reads the statement of the EIB.

The approved investment will allow the introduction of advanced metering systems, the improvement of data collection, the optimisation of investments and reduce technical and commercial losses.

“This EIB investment delivers a more reliable electric distribution network in Slovenia and therefore improves the quality of life for thousands of Slovenians as well as conditions for doing business in the country,” commented Liliana Pavlova, Vice President of the EIB upon the announcement of the investment. “Reliable power supply is also crucial for the country’s resilience in a major crisis such as the COVID-19 pandemic.”

Boris Sovič, CEO of Elektro Maribor recalled that Elektro Maribor and the European Investment Bank have been cooperating successfully since 2015, helping Elektro Maribor to increase the level of network robustness, smartness and strength as well as the number of grid-integrated renewable energy sources.

“The funds obtained with the new loan are in line with the needs and expectations of our users, households, business and public sector, intended for co-financing investments in stronger, more robust and advanced low- and medium-voltage networks,” explained the company CEO. “As the distribution network represents the basic infrastructure of sustainable development, it’s important to strengthen their capacities for a successful transition to a low-carbon society.”

To date, the EIB invested 170.5 million euros in electric power distribution projects in Slovenia, bringing the total amount of its investments in Slovenia to 6.87 billion euros.

Elektro Maribor is one of five electricity distribution companies in the Republic of Slovenia supplying electricity to business and household customers in North-Eastern Slovenia. The company is organised as a public limited company, with the Slovenian state as the largest shareholder.

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