The European Investment Bank (EIB) has agreed to lend approximatlely PLN946m (about €231m) to Enea to upgrade and extend the electricity networks in north-western parts of Poland.

The modernisation programme will start from this year and will be completed by 2017, to improve power distribution in the European country.

Enea will use the funds to set up or upgrade 460km of high-voltage and 3800km of medium-voltage and low-voltage lines and cables.

Additionally, around 3300 transformers will be installed or upgraded.

EIB vice-president László Baranyay, who is responsible for the Poland loans, said: “The EIB, as the bank of the European Union, strongly promotes a competitive and secure energy supply.

“We therefore particularly welcome this agreement with Enea, as the project will ensure a secure supply to new customers through the expansion of the company’s electricity network.”

Enea president of the management board Krzysztof Zamasz said: “Funds obtained from the cooperation will support investments in the distribution and this ultimately will increase safety and reliability of energy supplies for our customers.”

The firm serves around 20% of the land area in Poland and is the distributor for 13% of its power consumption.