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ELES Secures EUR 63M EIB Loan

Ljubljana, 19 August (STA) - The national electricity grid operator, ELES, has secured a EUR 63m long-term loan from the European Investment Bank (EIB) for modernisation of the power grid, including infrastructure delivering electricity from Slovenia's sole nuclear plant.

A deal on the loan was signed by ELES general manager Milan Jevsenak and EIB representative Peter Zajec. "With this deal we have obtained a quality source of long-term financing for half of all the anticipated investments," Jevsenak said.

The funds will be used for completing the substation at Divaca in western Slovenia, the construction of a 2X400kW power line from Bericevo to Krsko and the modernisation of the substation at the Krsko Nuclear Power Plant (NEK), ELES said in a statement.

Under the deal, ELES will repay the loan in 25 years and will have a three-year moratorium on payment of principal. The interest rate is comparable to that provided for other EU infrastructure projects, ELES added.

The grid operator said it was expected to take further loans from the EIB for modernising Slovenia's electricity grid in the coming years.

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