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Add to Preferred SourcesNIB and the Latvian power utility company Latvenergo AS have signed a 15-year loan agreement of EUR 100 million to finance Latvenergo Group’s investments in electricity distribution network.
The investment programme aims to increase the security of the power supply and improve the quality of service through distribution network renewal and digitalization.
The projects include changing the overhead lines to underground cables, replacing the old transformer points, rolling-out smart meters and other enhancements.
“Investing in a sustainable electricity distribution infrastructure is vital for the competitiveness and growth of the Latvian economy. Efficiency improvements will benefit the Group in financial savings, and result in better services for customers”, says Henrik Normann, NIB President and CEO.
The distribution network renewal will attribute to 3.3 GWh of energy savings every year. Moreover, the installation of smart meters will increase the share of connected users from 49% to 95%.
Original source: NIB
Published on 16 December 2019