News
17 December 2019
NIB finances electricity distribution network project in Latvia
In:
Manufacturing, Traditional energy
Region:
Europe
The Nordic Investment Bank and the Latvian power utility group Latvenergo AS have signed a 15-year loan agreement of €100 million to finance the company's investments in electricity distribution network.
The investment programme aims to increase the security of the power supply and improve the quality of service through distribution network renewal and digitalization.
The projects include changing the overhead lines to underground cables, replacing the old transformer points, rolling-out smart meters and other enhancements.
The distribution network renewal will attribute to 3.3GWh of energy savings every year. The installation of smart meters will also increase the share of connected users from 49% to 95%.
