Romania, EIB to provide 90 million euros loan to Electrica20.Jan 2022.
The 15-year 90 million euros loan provided by the European Investment Bank (EIB) to DEER, the electricity distribution subsidiary of the Electrica Group, represents the second part of the bank’s 210 million euros backing for the company’s 300 million euros energy infrastructure investment projects.
These projects will support strengthening and modernization of the electricity distribution network in the country, including upgrading and building new transmission lines, building and refurbishing substations and installing components for network automation across Romania.
EIB Vice President Christian Kettel-Thomsen said that the bank is pleased to provide 210 million euros to support Electrica’s nationwide investment program aimed to increase the use of renewable energy, improve network capacity and deliver long -term decarbonization goals. The latest 90 million euros in financing agreed with Electrica reflects the rapid progress of the transformational initiative and shared commitment of the EIB and Electrica to unlock greater use of renewable energy.
Electrica’s CEO Corina Popescu said that new high -impact nationwide investment by the group is benefiting customers and allows greater
renewable energy use in the future. The latest EIB financing will allow Electrica to replace outdated assets, better cater the energy needs of its 3.8 million customers through rolling out advanced smart meters and accelerate Romania’s green transition.
The 300 million euros investment program includes new investment in Prahova, Dambovița, Buzau, Braila, Galati, Vrancea, Brasov, Mures,
Covasna, Harghita, Sibiu, Alba, Cluj, Salaj, Maramures, Bistrita-Nasaud, Bihor and Satu Mare to modernize the local electricity distribution
networks, reduce electricity losses and improve overall network reliability.
The network expansion will also allow the connection of more than 180,000 new customers and unlock greater use of renewable energy in Romania in the years ahead.