The European Investment Bank (EIB) has agreed a 20-year £500M loan to support UK Power Networks’ energy infrastructure development, which including its own contributions equates to a seven year, £1.2bn programme.
The money will go towards maintaining and upgrading electricity infrastructure electricity across London, the East of England and South East and adds to the EIB’s existing commitment of £350M.
“We believe long term investment is essential to build on these achievements and deliver sustainable improvements for customers,” said UK Power Networks chief executive Basil Scarsella.
UK Power Networks distributes 27% of the UK’s electricity, and owns and operates 130,000 substations and 170,000km of overhead lines and underground cables. It makes approximately 100,000 new connections to the network every year.