EIB provides EUR 330m for Czech grid modernisation

Czech energy utility CEZ Group is receiving EUR 330 million (USD 363m) from the European Investment Bank (EIB) for the extension and upgrade of the electricity distribution network in nine regions, the EIB announced on Wednesday.

The nine regions covered by the project are Plzen, Karlovy Vary, Usti nad Labem, Central Bohemia, Liberec, Hradec Kralove, Pardubice, Olomouc and Moravia-Silesia.

The funds will be used to install 4,160 km (2,585 miles) of new overhead and underground lines, to refurbish 2,475 km of lines and to add 861 MVA of transformer capacity on the power network.

“The project will boost the network’s capacity and will make it fit to integrate more electricity from renewable sources, thereby fostering the move from centralised to de-centralised electricity generation,” EIB vice-president Lilyana Pavlova said.

(EUR 1.0 = USD 1.100)

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