The European Investment Bank (EIB) said it has provided a €90mln long-term loan to Romanian power supplier and distributor Electrica Group to upgrade electricity distribution networks, deploy smart meters and accelerate renewable energy connection, according to See News.
“The new investment will connect more than 180,000 new customers to the grid, increase network capacity and improve reliability and quality of electricity supply,” said EIB on Wednesday.
“The latest €90mln 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 EIB vice-president responsible for energy and lending operations in Romania, Christian Kettel-Thomsen.
The 15-year loan was granted to Distribuie Energie Electrica Romania (DEER), a subsidiary of Electrica Group. The loan represents the second part of a €210mln EIB backing for Electrica’s €300mln energy infrastructure investment plan that aims to modernise the local electricity distribution network, reduce power losses and improve overall network reliability.
“The latest European Investment Bank financing will allow Electrica to replace outdated assets, better cater the energy needs of our 3.8 million customers through rolling out advanced meters and accelerate Romania’s green transition,” said Electrica CEO Corina Popescu.