RIGA, Aug. 4 (Xinhua) -- Latvijas dzelzcels ( LDz) announced in a press conference on Monday largest investment project of 450 million euros (603.6 million dollars) in its infrastructure development.
Ugis Magonis, the LDz president stated that LDz decided to improve its current electric networks and carry out electrification of the main railroads, replacing the old three kilovolt (kV) direct current network with a new 25 kV alternating current system.
This transition to electric traction will allow to reduce the amount of hazardous emissions, noise and vibrations, and also to decrease costs and increase railways' competitiveness in comparison to other modes of transportation.
LDz plans to invest in its infrastructure 220.15 million euros (261.16 million USD dollars) this year and 166.73 million euros (223.6 million USD dollars) in 2015. Additionally, LDz will try to attract financing of the project from the European Union funds.
At present, LDz group manages 1,859 kilometers of railroads, 248 kilometers of which are electrified.