Electrica signed financing contract for a 70 MWh energy storage project

Electrica announces the signing of the agreement to access a non-refundable European financing in the amount of approximately 3.4 million euros through the National Recovery and Resilience Plan (PNRR). The funds will be used for the development of an electricity storage project in Fântânele, Mureș County. The total value of the project is estimated at 21.8 million euros, of which non-reimbursable financing represents approximately 20 percent.

The project aims to develop electricity storage units based on battery technology, with a total capacity of 69.93 MWh.

Alexandru Chiriță, CEO of Electrica, said: “We are happy to be among the beneficiaries of PNRR funds on this pillar, a much-needed incentive in the context of the accelerated energy transition. This achievement represents an important step in achieving our strategic goal of accessing as many grant funds as possible for investment. Battery energy storage technology offers multiple benefits, from grid flexibility and stability needed to integrate renewable energy sources, to cost reduction and protection of critical infrastructure.”

This is the second project through which Electrica accesses funds from PNRR, after it obtained financing for the Satu Mare 2 photovoltaic project, developed by its subsidiary, Sunwind Energy. With an installed capacity of approximately 27 MWp, the project is scheduled to be completed by the end of this year.