Sachsenenergie is receiving a loan of 400 million euros from the European Investment Bank (EIB) for the expansion of the electricity grid in eastern Saxony. The funds are to be used for modernization and expansion and thus secure the long-term supply of electricity in the face of growing demand in the region, according to the EIB. It is therefore one of the EIB's largest single investments with a municipal energy supplier in Germany.
Better integration of renewable energies
The modern grids will reportedly ensure better integration of electricity generation from renewable energies. "With high-performance substations, grid nodes and high-voltage lines, we are jointly advancing the energy transition to ensure sustainable growth in the East Saxony region," said Nicola Beer, Vice President of the EIB, according to the press release. Reliably available and affordable energy at all times is the key to international competitiveness.
Frank Brinkmann, CEO of SachsenEnergie, thanked the EIB for its trust. He said that his company was facing immense challenges in financing the necessary expansion of the energy networks on an unprecedented scale.
