Green Forum • 29 August, 2024 at 8:56 PM
Romania has secured €200 million in financing from the European Investment Bank (EIB) to modernize its electricity distribution network.
The total investment amounts to €629 million, of which the European Investment Bank is financing €200 million, €295 million will come from European funds, and €134 million from internal sources.
The EIB's operation mainly focuses on strengthening and renovating Romania's stations, substations, and overhead lines to expand the electricity distribution network's capacity, facilitate the absorption and distribution of electricity from renewable energy generation facilities, and reduce self-consumption.
The objective includes elements from the Carmen 1 project, a smaller subcomponent of the overall operation (approximately 10-15% of the total investment) and a Project of Common Interest (PCI), a regional and transnational initiative of the European Union (EU) involving electricity networks in both Bulgaria and Hungary.
The key goal of the investment is to expand renewable energy connections to the networks and improve interconnection between the transmission and distribution networks in Romania, Bulgaria, and Hungary.