$20 million EBRD loans
to BUTEC for smart metering
First corporate loan by European Bank
The European Bank for Reconstruction and Development (EBRD) will grant BUTEC Utility Services (BUS) a $20 million loan for the implementation for the installation of smart electricity meters.
BUS is one of three distribution service providers in charge of providing operations, maintenance, and bill collection services to public electricity subscribers. BUS handles these operations in the North.
“This is the first corporate loan granted by the EBRD in the local market,” said Fadi Abou Jaoude, General Manager of BUS.
Of the $20 million loan, $2 million will be in the form of low-interest concessional financing through the Global Environmental Facility. “This is because smart meters are environmentally friendly and energy-efficient, thus reducing carbon emissions” he said.
Smart meters will be installed in approximately 500,000 households, in the final stage of BUTEC’s operations, as required by Electricité du Liban.
Abu Jaoude said that the International Finance Corporation (IFC) renewed its participation in the capital of BUTEC for five additional years. The IFC has 17 percent of BUTEC’s capital.
Reported by Yassmine Alieh
Date Posted: Dec 26, 2018