OREANDA-NEWS. The European Investment Bank (EIB) is supporting Gruppo Dolomiti Energia's 2017-2020 development plan with a EUR 100m loan. The operation will be guaranteed by the European Fund for Strategic Investments (EFSI), the guarantee fund set up as part of the Investment Plan for Europe (IPE) – the so-called “Juncker Plan”.

EIB resources will cover around half of the overall cost of Gruppo Dolomiti Energia's investment, which is aimed at renewing and developing gas and electricity distribution networks and strengthening and maintaining hydroelectric plants in the province of Trento in northern Italy, the main area in which Dolomiti Energia (1 400 employees, turnover of EUR 1.3bn in 2015) operates.

“The Investment Plan for Europe provides significant additional added value to the EIB's lending activity for both large corporates and midcap companies. The Dolomiti Energia operation comes under several of our financing priorities, namely the development of electricity networks, energy efficiency and tackling climate change,” said Miguel Morgado, EIB Director of Operations for Italy and the Balkans.

Beatrice Covassi, Head of the European Commission's Representation in Italy, said: "We are very pleased with this new project which comes to life in Italy thanks to the "Juncker Plan" to modernise and make more efficient energy networks and hydroelectric plants. Investment in energy is strategic for the future of Europe. That is why the Energy Union is one of the 10 priorities of the Juncker Commission."