EIB approves $408m loan to ZSE for Slovakia’s electricity networks

The European Investment Bank (EIB) has approved a €350m ($408.08m) indebtedness to the Západoslovenská energetika (ZSE) Group to money a multiyear concern programme to modernise Slovakia’s energy organisation networks, including successful the Bratislava region.

The indebtedness volition alteration ZSE Group to upgrade high-, medium-, and low-voltage overhead lines and underground cables, modernise transformers and substations, deploy astute technologies, and automate the grid.

These measures are intended to amended the reliability and prime of energy proviso and summation the country’s entreaty for concern and industries.

EIB vice-president liable for Slovakia Marek Mora said: “This is the largest firm indebtedness we person signed successful the state to date, further strengthening our decades-long relation arsenic a reliable spouse for Slovak businesses.

"Modernisation of Slovakia’s organisation networks volition fortify the foundations of the Slovak economy, making it much resilient to modern challenges including gathering the projected summation successful electrification.

“This volition besides make dependable foundations for long-term, sustainable and greenish growth, faster occupation instauration and an energy-independent aboriginal for Slovakia. EIB is blessed to person been capable to connection ZSE Group the accidental to diversify backing sources and concern high-priority investments connected presumption not mostly disposable successful the market.”

A important information of the EIB indebtedness volition beryllium directed towards circumstantial regions, successful the westbound and eastbound of the country.

This is aimed astatine supporting quicker and much balanced societal and territorial development.

The ZSE concern volition enactment the implementation of Slovakia’s National Energy and Climate Plan and aligns with EU vigor and clime goals, including the REPowerEU plan, the EU Grid Action Plan, the European Green Deal, and the EU’s semipermanent nonsubjective of clime neutrality.

The EIB-ZSE concern is expected to facilitate the integration of further low-carbon procreation and e-mobility, and accommodate rising energy request from Slovak households and businesses.

ZSE Group CEO Markus Kaune said: “The indebtedness from the EIB is simply a large measurement guardant successful enabling the investments required to modernise and grow our energy organisation network. We are arrogant to invited the EIB arsenic a beardown strategical spouse supporting our ambition to accelerate Slovakia’s vigor transition.

“In the coming 3 years, we volition beryllium capable to proceed our precocious concern level, which has astir doubled since 2022. We are committed to gathering a smarter, much resilient and future-ready grid that meets the evolving needs of customers and the vigor system, and particularly the progressing electrification, eg successful heating and transport.”