The European Investment Bank (EIB) and the Iren Group have signed a $214.31 million financing agreement to develop and modernize the electricity infrastructure in the municipalities of Parma, Turin and Vercelli.
The main operations financed from the resources made available by the EIB include the maintenance, renewal and development of existing distribution facilities, the installation of new smart meters and the construction of underground electricity substations to survive extreme heatwaves.
The investments aim to improve the performance and resilience of the electricity grid to extreme climate change-related phenomena, promote the electrification of energy demand and the digitalization of services.
The project will help Italy meet national energy and climate targets and those of REPowerEU, for which the EIB has allocated additional financing of $48.22 billion by 2027.
