EIB announces new 90 million Euro loan for Electrica Group

The 15-year 90 million Euro EIB loan to Distribuie Energie Electrică Romania S.A. (DEER), the electricity distribution subsidiary of the Electrica Group, represents the second part of 210 million Euro EIB backing for 300 million Euro of new ambitious energy infrastructure investment by Electrica Group.

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

“The European Investment Bank is pleased to provide EUR 210 million to support Electrica’s EUR 300 million nationwide investment programme to increase use of renewable energy, improve network capacity and deliver long-term decarbonisation goals. The latest EUR 90 million 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. 

“New high-impact nationwide investment by Electrica is benefiting customers and allows greater renewable energy use in the future. The latest European Investment Bank financing will allow Electrica to replace outdated assets, better cater the energy needs of our 3.8 million customers through rolling out advanced meters and accelerate Romania’s green transition”, said Corina Popescu, CEO of Electrica. 

The EUR 300 million Electrica investment programme includes new investment in Prahova, Dâmbovița, Buzău, Brăila, Galați, Vrancea, Brașov, Mureș, Covasna, Harghita, Sibiu, Alba, Cluj, Sălaj, Maramureș, Bistrița-Năsăud, Bihor and Satu Mare to modernise the local electricity distribution, reduce power losses and improve overall network reliability. 

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.