The European Investment Bank formally agreed on a new EUR 120 mln loan with Distribuție Energie Electrică Romania S.A. (DEER), the electricity distribution subsidiary of the Electrica Group.

The first-ever European Investment Bank financing for DEER will support reinforcement and modernization of the electricity distribution grid in the country, including upgrading and constructing new power lines, constructing and refurbishing power substations and installing components for network automation across Romania.

The 15-year EUR 120 mln loan, the first part of EUR 210 million EIB backing for energy infrastructure investment by DEER and related guarantee agreement, was signed at a ceremony in Bucharest by Corina Popescu, CEO of Electrica, Valentin Branescu, Acting CEO of DEER and respectively Christian Kettel-Thomsen, European Investment Bank Vice President, and witnessed by Virgil-Daniel Popescu, Romanian Minister of Energy.

“Scaling up energy distribution investment is crucial to improve network reliability, harness Romania’s renewable energy potential, and contribute to Europe’s energy transition. I welcome the European Investment Bank’s EUR 120 million support for energy investment in Romania and their new partnership with Electrica Group”, said Virgil-Daniel Popescu, Romanian Minister of Energy.

(Photo: Energie.gov.ro)

andrei@romania-insider.com