The European Investment Bank (EIB) confirmed the disbursement of EUR 90 mln to BVB-listed electricity distribution company Electrica, the second tranche of the 15-year EUR 210 bln financing extended to support the EUR 300 mln energy infrastructure investment plan pursued by Electrica Group.

The plan will support reinforcement and modernisation of the electricity distribution grid in the country, including upgrading and constructing new power lines, constructing and refurbishing power substations and installing components for network automation across Romania.

The network expansion will allow the connection of more than 180,000 new customers and unlock greater use of renewable energy in Romania in the years ahead.

“The European Investment Bank is pleased to provide EUR 210 mln to support Electrica’s EUR 300 mln nationwide investment programme to increase the use of renewable energy, improve network capacity and deliver long-term decarbonisation goals. The latest EUR 90 mln 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," said Christian Kettel-Thomsen, European Investment Bank Vice President responsible for energy and lending operations in Romania, Bursa.ro reported.

Electrica Group provides services to about 3.8 million users and has a national scope - with a coverage of 18 counties in three geographical areas for electricity distribution: Northern Transylvania, Southern Transylvania, Northern Muntenia, and throughout the country for supply of electricity and maintenance and energy services.

Since July 2014, Electrica has been a company with majority private capital, listed on the stock exchanges in Bucharest and London.

andrei@romania-insider.com

(Photo source: Dreamstime.com)