Rome, July 26th, 2012 Late yesterday evening Enel Distribuzione S.p.A. (Enel Distribuzione, a wholly-owned subsidiary of Enel S.p.A.) signed an agreement with the European Investment Bank (EIB) for a 380 million euro loan aimed at covering a portion of its investments relating to efficiency improvements in the Italian electricity grid provided for in Enel Distribuziones 2012-2014 business plan.
The investments financed by the loan are intended to upgrade the national distribution grid, with more than 37% of the spending allocated for works in southern Italy.
The initiatives will enable the connection of distributed renewable generation plants to the grid and improve service quality, with a reduction of the duration and number of interruptions per customer.
The 20-year financing agreement (maturing in 2032) has a 5-year grace period (until 2018). The funds will be disbursed by the end of 2012 and secured by a Parent Company guarantee provided by Enel S.p.A.
The competitive loan terms include the application of a margin of 155 basis points over the Euribor for the period.
This operation, like many other similar ones, is an indication of the EIBs endorsement of the validity of Enel Group's investment strategy.
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