Financial Other

On 13 June 2025 the European Investment Bank signed the first tranches of a EUR 1.6 billion total facility for the Bay of Biscay electricity interconnection between Spain and France, with first tranches totalling EUR 1.2 billion (EUR 400 million to Red Electrica and EUR 800 million to RTE) executed under joint Borrower agreements with project promoter INELFE. The signing was marked at a public ceremony on 16 June 2025 at EIB headquarters in Luxembourg, attended by EIB Group president Nadia Calvino, European Commissioner for Energy Dan Jorgensen, French minister of Industry and Energy Marc Ferracci, Spanish deputy secretary of State Miguel Gonzalez Suela, Redeia chairwoman Beatriz Corredor and RTE Executive Board member Thomas Veyrenc. The EIB financing complements a EUR 578 million Connecting Europe Facility grant previously allocated to the project and contributes alongside TSO equity to a total project cost of approximately EUR 3.13 billion. Once operational in 2028 the link is expected to raise exchange capacity between Spain and France from 2,800 MW to 5,000 MW and avoid roughly 600,000 tonnes of CO2 emissions per year, advancing the EU 15 percent interconnection target for member states.