The European Investment Bank (EIB) is providing $370 million (EUR 330 million) to the Czech energy utility CEZ to finance an investment program for the extension, reinforcement and modernization of the electricity distribution network in nine Czech regions.

The project will include installation of 2,584 miles (4,160 km) of new overhead and underground lines, the refurbishment of 1,537 miles of lines and addition of 861 MVA of transformer capacity on the electricity network.

"The project will boost the network's capacity and will make it fit to integrate more electricity from renewable sources, thereby fostering the move from centralized to de-centralized electricity generation," commented EIB Vice-President Lilyana Pavlova.

Source: Press Release