Transelectrica has signed a non-refundable financing contract in the amount of EUR 424m from the Modernising Fund for the accomplishment of 9 projects for the development of the national power grid infrastructure.

Transelectrica has signed a non-refundable financing contract in the amount of EUR 424m from the Modernising Fund. The funds will be used to accomplish 9 projects regarding the development of the national power grid infrastructure. This funding represents 30% of the total funds obtained by Romania through the Modernization Fund, the EU program that helps modernize energy systems and improve energy efficiency. Yesterday, the management signed the 9 projects. The financed projects through the Modernization Fund will contribute to the rise of the interconnection capacity with the European power system and the development of the transmission power grid of Romania. The major benefit of making these investments will materialize through the rise in the transmission capacity, rise in interconnection capacity and optimization of the overhead electric line through digital systems.

To remind you, OMW Petrom recently invested EUR 400m in electricity production in Romania, which should c. 70% be financed through the Modernization Fund. You can read more about it here.