Today the European Investment Bank (EIB) has signed a loan agreement worth €160 million with Redexis Gas to construct new gas pipelines in Spain.
European Commissioner for Climate and Energy, Miguel Arias Cañete, said: "The Commission welcomes the fact that the European Fund for Strategic Investments (EFSI) is prioritising investments in energy infrastructure which is key for growth and economic development. Internal and external energy connectors are a top priority for this Commission to complete the Energy Union."
The loan will allow Redexis to reach customers in remote and rural areas in Spain, replacing polluting fuels with cleaner and cheaper natural gas.
The project, which is backed by the Investment Plan for Europe, will reduce energy costs and cut household and business emissions, as well as creating hundreds of new jobs.