Romanian distributor secures $120 M loan for green grid expansion
Romania: Distribuie Energie Electrică Romania S.A. (DEER) has secured a $102 M loan for grid modernisation, expansion, decarbonisation and digitalisation.
The $102 M loan is part of $238.2 M aid which DEER is receiving from the European Investment Bank (EIB) to refurbish its network as part of a $340.4 M grid modernisation scheme.
The 15-year loan will fund the installation of smart meters for accurate billing and improved visibility of consumer usage behaviour, renewable energy for grid reliability and decarbonisation, distribution lines and related infrastructure.
The expansion of the grid will include the installation of modern substations and the connection of 180,000 new customers, according to the statement, whilst network automation will help improve power quality, grid monitoring and reliability.
Grid upgrades are also expected to help enhance customer services and prepare the utility for next-generation business cases, as well as improve customer services by adapting to rapidly changing consumer demands.
“The latest 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, vice president of the EIB.
The announcement follows DEER securing a $170.2 M loan from Erste Group Bank AG and Raiffeisen Bank România which will fund the company’s 2019-2023 grid modernisation strategy.
Source: Smart Energy International