Belgian utility to get $678M EIB loan
Belgian utility ORES has secured a U.S. $678 million loan from the European Investment Bank (EIB) for the purpose of optimizing its electricity and gas distribution networks in the south of the country.
Approximately 25 per cent of the investment will be allocated to renewable power grid connections, construction of a low-energy buildings as well as on systems that will help cut down electricity network losses.
ORES plans to invest over U.S. $1.412 billion in maintenance, upgrade and development of its electricity and gas distribution networks networks between 2018 and 2022.
The EIB loan will cover almost half of the utility’s investment requirements over the next five years.