Investment in Walloon Electrical Grid
The European Investment Bank (EIB) has granted a €450 million loan to ORES to modernize the electrical grid in Wallonia. This funding is part of ORES's 2025-2027 investment program, aimed at enhancing the distribution infrastructure to support renewable energy and increased electrification.
Supporting Energy Transition
This initiative aligns with the EIB's strategic priority to facilitate the energy transition under its Climate Action Plan. The investment will focus on constructing new substations, renewing overhead lines, strengthening underground cables, deploying smart meters, and automating the network to accommodate renewable energy and electromobility.
Addressing Climate Goals
Belgium's greenhouse gas emissions are declining, but not quickly enough to meet the 2050 climate neutrality target. The EIB's funding aims to accelerate the decarbonization process, which requires doubling the current pace. The modernization of the grid is crucial for integrating renewable energy and supporting the electrification of domestic and industrial processes.
Previous and Current Funding
This is the second loan from the EIB to ORES, following a €550 million loan in 2018. The total funding from the EIB for Wallonia's energy infrastructure now amounts to €1 billion. The funds will be mobilized over two years and repaid over a maximum of twenty years, benefiting from favorable financing conditions due to the EIB's AAA rating.
