Romania receives 200 million euros from the European Investment Bank

Romania has just received approval for 200 million euro financing from the European Investment Bank, according to an announcement made by Mihai Precup, a member of the EIB’s Board of Directors. The money will be used to modernize the electricity distribution network.

“On its way to energy independence, Romania has a huge need for investments in electricity networks, which is why, in my capacity as a member of the Board of Directors of the European Investment Bank, I am happy to announce that I have approved financing in the EIB in the amount of 200 million euros for our country,” declared Mihai Precup, who noted that the financial institution is co-financing a project that will benefit from European funds and the beneficiary’s own resources.

The value of the investment is 629 million euros, and the European Investment Bank finances 200 million euros, with the rest of the money being 295 million euros from European funds, and 134 million from its own sources.

“Romania is therefore taking another step towards achieving its goal of having a modern, robust and efficient electricity network, in order to become an energy independent country and a factor of stability in the region,” Mihai also declared that I am worried.

The EIB operation in favor of Romania refers mainly to the consolidation and renovation of Romanian stations, substations and overhead lines in order to expand the electricity distribution capacity of its network, to facilitate the absorption and distribution of electricity from renewable generation installations and to reduce self. -uses and includes elements from the Carmen 1 project.

The Carmen project, which is a smaller sub-component of the overall operation (around 10-15% of the operation’s total investment), is a Project of Common Interest (PCI) as it is a transnational EU regional project that includes EU electricity grids. Bulgaria and Hungary. Its key objective is to expand the connections from renewable sources to the grids and improve the interconnection between the transmission and distribution grids in Romania, Bulgaria and Hungary.

(source: AFP)