ANNOUNCEMENT 23 Dec 2016

On 23 December 2016, the EIB provided financing worth EUR 500 million (USD 527 million).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 23 Dec 2016 | Removal date: open ended

State loan

On 23 December 2016, the European Investment Bank (EIB) and Iberdrola SA signed an agreement worth EUR 500 million (approx. USD 527 million) for the project Financing for Power Network Modernisation from Spain. The total cost of the project is estimated at EUR 1197 million.

According to the project description issued by the EIB, Financing for the development and modernisation of electricity network infrastructure throughout Spain during the 2016-2018 period..

The objective of the project is defined as following: The overall purpose of the programme is to modernise the electricity distribution network in order to maintain or improve the quality of electricity supply, cater for new system users and improve the overall operational efficiency of the distribution system operator. It also comprises advanced metering infrastructures, as per the countrys mandatory roll-out..

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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