The European Investment Bank and ZSE Group have agreed a €350 million loan to support a multiannual programme to modernise electricity distribution networks across Slovakia, including the Bratislava region.
The partners said the funding will cover upgrades to overhead lines, underground cables, transformers and substations, as well as smart technologies and grid automation.
EIB vice-president Marek Mora stated: “This is the largest corporate loan we have signed in the country to date, further strengthening our decades-long role as a reliable partner for Slovak businesses. Modernisation of Slovakia’s distribution networks will strengthen the foundations of the Slovak economy, making it more resilient to modern challenges including meeting the projected increase in electrification. This will also create sound foundations for long-term, sustainable and green growth, faster job creation and an energy-independent future for Slovakia. EIB is happy to have been able to offer ZSE Group the opportunity to diversify funding sources and finance high priority investments on terms not generally available in the market.”
Markus Kaune, chief executive at ZSE Group, added: “The loan from the EIB is a major step forward in enabling the investments required to modernize and expand our electricity distribution network. We are proud to welcome the EIB as a strong strategic partner supporting our ambition to accelerate Slovakia’s energy transition. In the coming three years, we will be able to continue our high investment level, which has almost doubled since 2022. We are committed to building a smarter, more resilient and future-ready grid that meets the evolving needs of customers and the energy system, and especially the progressing electrification, e.g. in heating and transport.”
According to the partners, a large share of the investments will take place in Slovakia’s cohesion regions to support social and territorial development.
They added that the programme will improve reliability of supply, support integration of low-carbon generation and e-mobility, and strengthen resilience to extreme weather.