The EIB is allocating 90 million euros to Eleectrica for modernization

The European Investment Bank (EIB) has granted the last tranche of € 90 million of the € 210 million long-term loan to the Electrica Group for the modernization of distribution networks, the deployment of smart meters and the acceleration of the use of renewable energy.

The loan of 90 million euros offered by the EIB, for a period of 15 years, to the company Distribuţie Energie Electrică România SA (DEER), the electricity distribution operator within the Electrica Group, represents the second tranche of the financing of 210 million euros for supporting the € 300 million ambitious energy infrastructure investment program. The investment plan will support the consolidation and modernization of the electricity distribution network, including the modernization and construction of new power lines, the construction and development of power stations and the installation of components for network automation throughout Romania.

“The European Investment Bank is pleased to provide € 210 million to support Electrica’s € 300 million national investment program to increase the use of renewable energy, improve network capacity and meet long-term decarbonisation targets. The latest € 90 million financing agreed with Electrica reflects the rapid progress of the transformation initiative and the joint commitment of the EIB and Electrica to facilitate greater use of renewable energy, ”said Christian Kettel-Thomsen. Vice President of the European Investment Bank, responsible for energy and lending operations in Romania.

“The new investment program developed by Electrica, with an important impact at national level, brings benefits to consumers and allows, in the future, a greater use of energy from renewable sources. The latest financing from the European Investment Bank will allow the Electrica Group to replace obsolete assets, better meet the energy needs of the 3.8 million consumers, by installing modern meters and at the same time accelerate the transition to an economy. <> in Romania “, said Corina Popescu, CEO of Electrica.

The 300 million euro investment program of the Electrica Group includes new investments in the counties of Prahova, Dâmbovița, Buzău, Brăila, Galați, Vrancea, Brașov, Mureș, Covasna, Harghita, Sibiu, Alba, Cluj, Sălaj, Maramureș, Bistrița- Năsăud, Bihor and Satu Mare, in the modernization of the electricity distribution network, the reduction of energy losses and the improvement of the general reliability of the network.

The expansion of the network will allow the connection of over 180,000 new consumers and will facilitate, in the coming years, a wider use of energy from renewable sources in Romania.

The European Investment Bank (EIB) is the European Union’s long-term lending institution owned by its Member States.

(source: AFP)

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