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HomeElectricityTranselectrica secures over 420 mln euros to upgrade Romania's power network

Transelectrica secures over 420 mln euros to upgrade Romania’s power network

Romania signed the first contracts for financing out of the Modernisation Fund, in particular, to develop the country’s energy infrastructure. The country’s electricity transmission system operator Transelectrica will benefit from more than 420 million euros.

“Through this financing, worth more than 13 billion euros, we will substantially transform Romania’s energy infrastructure, a decisive factor to achieve energy independence,” Prime Minister Nicolae Ciuca said at the signing ceremony.

Transelectrica’s Directorate Chairman Gabriel Andronache underlined the importance of this milestone for the company which is a clear sign of the role that it plays in the Romanian energy landscape.

The nine projects that have obtained fundings include the construction or upgrade of different power lines and stations to crease the network’s security and allow installing more renewable energy projects. In particular, 10 million euros will be used to install smart grids connecting the Cernavodă nuclear power plant with renewable installed capacities in Dobrogea. And, over 18 million euros will be devoted to implementing the digitalisation of the overall electricity system in Romania.

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