European Investment Bank and Fluvius sign €150 million loan for investments in support of energy transition
On Thursday December 16th, EIB vice-president Kris Peeters signed a new €150 million loan agreement with Belgian DSO Fluvius CEO Frank Vanbrabant and CFO David Termont. The loan is a first tranche in a new available lending facility of €350 million. Fluvius will use the financing for its investments in the energy transition over the 2022-2026 period. These investments are meant to further prepare the Flemish electricity network infrastructure for the future.
Infrastructure in support of the energy transition
For the European Investment Bank (EIB) sustaining the green and sustainable transition in Europe is a main priority, and the €150 million loan falls within that goal. In total, the EIB has reserved €350 million to support Fluvius in the transition, a first tranche of which has now been signed.
Fluvius will adapt distribution networks to allow for the electrification of public bus transport, as well as the infrastructure in the depots. The EIB-financing will also be used to connect slow and fast loading points for electric vehicles in public areas, as well as within a partnership with the Agency for Roads and Traffic, to connect their charging infrastructure.
Next to this, a myriad of network adaptations and expansions are planned, to accommodate the increase in electricity consumption, as well as the growth of decentralised generation of renewable energy (solar and wind), on the low and medium voltage grids.
A partnership since 2020
At the end of 2020, the EIB and Fluvius agreed a previous loan agreement, totalling €200 million. That financing was and is being used to pre-finance the roll-out of digital meters. Fluvius aims to have installed digital meters with 80% of all Flemish families by the end of 2024.
Kris Peeters, vice-president of the EIB:
The EIB invests in projects that are in line with the EU’s policy goals. In that sense, the energy transition is one of the main priorities, especially with a view to climate change. Without a doubt, we are very happy to build further upon our great partnership with Fluvius, to support Flanders in attaining its climate goals.
Frank Vanbrabant, Fluvius CEO, added:
This is a new and important step for Fluvius. This second lending agreement with the European Investment Bank is a testimony of our good collaboration and mutual trust. This constructive approach will contribute to a further breakthrough of the energy transition in Flanders in the coming years.
The European Investment Bank (EIB) is the EU’s long-term lending institution, owned directly by the 27 EU Member States. The EIB makes available long-term credit for sound investments that contribute to EU policy goals. Belgium owns 5.20% of the EIB, which made available some € 1.279 billion for Belgian projects in 2020.
European Investment Bank: Tim Smit, t [dot] smit [at] eib [dot] org, +352 691 286423
Fluvius: Björn Verdoodt, bjorn [dot] verdoodt [at] fluvius [dot] be, +32 (0) 479 74 03 04