(Alliance News) - Iren Spa announced Wednesday that it has signed a new EUR200 million, 18-year, green-format credit line with the European Investment Bank, which will be used to support the group's sustainable investments in the 2023-2027 timeframe related to power grid resilience projects.

The investments, totaling around EUR330 million, are intended for the maintenance, upgrading and development of electricity distribution networks, as well as the installation of new smart meters in the Iren Group's historical territories such as Emilia- Romagna and Piedmont, and in particular in the municipalities of Parma, Turin and Vercelli.

Iren's financed projects are aligned and in line with the goals of the National Integrated Energy and Climate Plan and REPowerEU's goals to reduce energy consumption, which the EIB has committed to support with EUR45 billion of additional investment by 2027.

The deal will enable Iren to improve the capacity of the distribution network, increase its resilience, reliability, and security of supply, as well as meet the renewal needs of existing assets and planned developments.

"In line with the strategy outlined in the Business Plan in concretely supporting the energy transition, innovative applications such as advanced automation, remote control and smart metering will thus be increased," reads the company's statement.

Iren's stock is up 1.1 percent to EUR1.91 per share.

By Chiara Bruschi, Alliance News reporter

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