EU backs renewables and power network upgrades in Romania with €120m loan

Posted at July 16, 2021 » By : » Categories : News » Comments Off on EU backs renewables and power network upgrades in Romania with €120m loan

The European Investment Bank (EIB) is supporting the deployment of renewable energy and advanced meters as well as the upgrade of electricity distribution networks in Romania with a €120 million (£103m) loan.

The 15-year financing will be used by DEER, the electricity distribution subsidiary of the Electrica Group, to connect more than 180,000 new customers, increase network capacity and improve the reliability and quality of electricity supply.

It will also support the rollout of advanced metering and the integration of renewable energy generation such as solar and wind, supporting the green transition in Romania.

Corina Popescu, CEO of Electrica said: “Electrica Group is actively pursuing options for diversifying its financing sources in view of the business development opportunities and of the ambitious investment plan. In the distribution segment, Electrica Group is committed to unlocking investments that improve operational performance, enhance service quality and optimise the costs to the final consumer, paving the way for a smarter grid across Romania.

“The first €120 million loan of a €210 million [£179m] facility agreed with the European Investment Bank will help Electrica to better cater the energy needs of our 3.8 million customers in the years ahead and support green transition in Romania.”

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