(AGENPARL) – lun 12 dicembre 2022 PRESS RELEASE
2022-529-EN
12 December 2022
Czech Republic: EIB to finance modernisation of Ä?EZ’s distribution grid and connection of new renewable energy sources with a record-breaking loan of â?¬790 million  
The â?¬790 million in financing by the EIB will help the Czech national utility company Ä?EZ upgrade and expand the countryâ??s electricity distribution grid.
The loan will promote the Czech Republicâ??s energy independence by enabling Ä?EZ to connect around 2.2 GW of new renewable energy sources.
The financed investments will help provide a more reliable electricity supply for businesses and households across the Czech Republic.
The operation is the biggest EIB loan for the Czech Republic signed to date. 
  
The European Investment Bank (EIB), the bank of the European Union, will lend â?¬790 million to the Czech energy utility company Ä?EZ. The loan will fund the expansion of the national electricity distribution network, including the installation of automation technology and remotely controlled energy supply systems. Ä?EZ will also make upgrades to increase reliability of the electricity supply in nine regions of the Czech Republic.   
With the new infrastructure, Ä?EZ will integrate up to 2.2 GW of new renewable energy sources, promoting the countryâ??s energy independence and green transition. This is the largest loan the EIB has ever granted for the Czech Republic.  
EIB Vice-President Lilyana Pavlova, who oversees EIB operations in the country, said, â??The EIB continues to support modernisation of the Czech energy sector, this time with the biggest loan weâ??ve signed there to date. This is an important step towards an energy-independent Czech Republic, now an even more urgent matter given the current energy crisis. At the same time, the loan supports the European Commissionâ??s REPowerEU plan to make Europe independent from Russian fossil fuels well before 2030, which objective is especially relevant in light of Russia’s invasion of Ukraine. The loan also has a significant green component, as Ä?EZ will be able to integrate new renewable energy sources into its grid and accelerate decarbonisation of the Czech economy.â?Â 
Ä?EZ CFO Martin Novák commented, â??We welcome this new loan by the EIB that will help us accelerate the modernisation of the distribution grid and integrate the new renewable energy sources that the Czech Republic needs to meet its climate targets and strengthen its energy security, as well as the energy independence of our customers. The number of renewables we have built for our customers has tripled year-on-year in 2022, and the number of applications for new connections of renewables that will be built in the near future has reached 80 000 to date. Ä?EZ is committed to upgrading the distribution network significantly, and our partnership with the EIB is one of the cornerstones of this effort.â?
To date, the EIB has provided some â?¬2.6 billion to Ä?EZ for projects that contribute to a reliable, efficient and green electric supply. With this loan, total EIB investment in the Czech energy sector has reached â?¬3.45 billion. This cooperation has accelerated the green, sustainable growth of the Czech economy.  
About REPowerEU  
The loan to Ä?EZ furthers the objectives of the European Commissionâ??s REPowerEU plan created in response to the hardships and global energy market disruption caused by Russiaâ??s war of aggression. The plan aims to save and produce clean energy and diversify our energy supplies and is backed by financial and legal means to build the new energy infrastructure that Europe needs. REPowerEU sets out a series of measures to rapidly reduce dependence on Russian fossil fuels and fast-forward the green transition, while increasing energy system resilience EU-wide. The plan is based on finding alternative energy supplies, making behavioural changes to save energy and spurring investment in renewable energy. 
Background information
The European Investment Bank (EIB)
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by the EU Member States. The EIB Group has adopted a Climate Bank Roadmap to deliver on its ambitious agenda to support �1 trillion in climate action and environmental sustainability investments in the decade to 2030, and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. As part of the roadmap, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement since the start of 2021.
Ä?EZ