EIB’s 15-year EUR 90 million loan to Distribuie Energie Electrică Romania SA (DEER), the electricity distribution subsidiary of Electrica Group, represents the second tranche of EIB support of EUR 210 million EUR 300 million from an ambitious new investment in Electrica’s energy infrastructure. Group. The national program will support the strengthening and modernization of the electricity distribution network in the country, including the modernization and construction of new power lines, the construction and renovation of power substations and the installation of components for the automation of the network throughout Romania.
“The European Investment Bank is pleased to provide € 210 million to support Electrica’s € 300 million national investment program aimed at increasing the use of renewable energy, improving grid capacity and to achieve long-term decarbonization goals. The latest € 90m financing agreed with Electrica reflects the rapid progress of the transformation initiative and the shared commitment of the EIB and Electrica to unlock greater use of renewable energy, ”said Christian Kettel -Thomsen, Vice-President of the European Investment Bank, responsible for energy and lending operations in Romania.
“A new high-impact national investment from Electrica benefits customers and enables greater use of renewable energy in the future. The latest financing from the European Investment Bank will allow Electrica to replace obsolete assets, better meet the energy needs of our 3.8 million customers through the deployment of meters and accelerate Romania’s green transition, ”said Corina Popescu, CEO of Electrica.
Improve electricity distribution throughout Romania
Electrica’s 300 million euro investment program includes new investments in Prahova, Dâmbovița, Buzău, Brăila, Galați, Vrancea, Brașov, Mureș, Covasna, Harghita, Sibiu, Alba, Cluj, Sălaj, Maramureș, Bistrița -Năsăud, Bihor and Satu Mare to modernize the local electricity distribution, reduce power losses and improve the overall reliability of the network.
The extension of the network will allow the connection of more than 180,000 new customers and will unlock a greater use of renewable energies in Romania in the years to come.
Investing in energy to support sustainable development in Romania
The new investment in the Electrica network supported by the EIB will increase the supply of affordable, reliable and modern energy (SDG 7), support inclusive and sustainable economic growth (SDG 8) and climate action (SDG 13).
The European Investment Bank has provided over 1.4 billion euros for energy investments across Romania since 1991.