The European Investment Bank (EIB) has granted a 400 million euro loan to Thüringer Energie AG (TEAG), the main energy supplier in the Thuringia region. The funding is earmarked for modernizing and digitizing the electricity grid to facilitate the integration and distribution of wind and solar power.
Details of the modernization project
The project, co-financed by the EIB with a total of 600 million euros, focuses on upgrading and expanding the network in rural areas. TEAG plans to double its investment in network infrastructure, with the support of its municipal shareholders who have increased their capital in 2023.
Job creation and economic development
With this initiative, TEAG plans to recruit at least 300 new technical employees by 2028 to carry out this ambitious investment program. This expansion will include new cable, overhead line and substation installations, while integrating modern network components for digitized, automated management.
Security and reliability of supply
The upgrades will connect a growing number of decentralized producers and users of renewable energy, ensuring a reliable and secure supply of electricity throughout Thuringia.
ISB’s commitment to the energy transition
The ISB, under the leadership of Vice President Nicola Beer, emphasizes that these modern networks are essential for a sustainable energy supply. The project is part of the REPowerEU plan to accelerate Europe’s transition to energy independence from Russian fossil fuels.
The TEAG project, supported by the EIB, illustrates how strategic partnerships and well-targeted financing can catalyze the modernization of infrastructure essential to the energy transition.
