EIB disburses EUR 1.4 bln to Romania for energy projects under Modernization Fund

The European Investment Bank (EIB) transferred approximately EUR 1.4 bln to Romania under the Modernization Fund scheme to finance strategic projects in the country’s energy sector, energy minister Virgil Popescu announced on June 9.

The projects to be funded are the eight projects submitted by the coal and power complex CE Oltenia (CEO) for the production of energy from renewable sources, totalling EUR 671 mln, of which EUR 470 mln from the Modernization Fund. The installed capacity of the projects will sum up to 735 MW.

The minister also mentioned two other combined cycle gas turbine (CCGT) power plant projects for CEO, namely Isalniţa (EUR 506 mln of which EUR 253 mln from the Modernization Fund) and Turceni (EUR 335 mln, of which EUR 168 mln from the Modernization Fund). Their installed capacity will be 1200 MW.

Several projects submitted by the power grid operator Transelectrica, amounting to a total of EUR 476 mln, will be partly financed (with EUR 394 mln) under the Modernization Fund.

(Photo source: Gov.ro)