Barcelona and Madrid, Spain --- (METERING.COM) --- August 1, 2013 - The European Investment Bank (EIB) has concluded loan agreements totalling €675 million with Gas Natural Fenosa and Iberdrola Distribución Eléctrica SA to support the modernization of the two utilities’ distribution networks and their installation of smart meters throughout Spain.

Gas Natural Fenosa has been awarded €475 million to support  the company’s four-year program of investment in upgrading and expanding the overhead distribution network, laying underground cables, building low to high voltage substations, and installing new three-phase smart meters.

The schemes financed will be spread across the four Spanish regions of Madrid, Castilla-La Mancha, Castilla y León and Galicia, with almost three-quarters of the investment expected in the convergence regions.

Iberdola has been awarded €200 million, which will co-finance a comprehensive program to reinforce and modernize the company’s electricity distribution network across Spain. A large number of supply points in the full range of voltages operated by Iberdrola will be connected to the existing network. The program also includes the installation of up to 1.8 million new digital electricity meters.