REG - Soc EnergElectricaSA - Electrica attracted EUR 57 mn EU funds

Societatea Energetica Electrica SAAnnouncement

19/06/2023 14:30

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RNS Number : 1969D  Societatea Energetica Electrica SA  19 June 2023

Announcement

Electrica Attracted EUR 57 mil. Non-Reimbursable Financing Through the
Modernisation Fund

Electrica announces its shareholders and investors that its subsidiary
Distributie Energie Electrica Romania (DEER) has attracted EUR 57 mil.
non-reimbursable financing through the Modernisation Fund representing 80% of
the eligible expenses for four investment projects in the electricity
distribution network, projects whose total estimated value is approx. RON 77
mil. (without VAT). The total value of the four projects is 76 million euros,
out of which the non-refundable financing is 57 million euros.

"One of the strategic objectives undertaken for the next period, at the level
of the distribution operator of the Electrica Group, is to substantially
increase the degree of access to non-reimbursable funds for investment works.
This approach is in line with the Group's strategy, which provides for the
maximization of performance in the managed infrastructure, but also the
streamlining and digital transformation of the business. I congratulate our
colleagues for their efforts, and I am convinced that it is only the first
step in a series of such initiatives.", said Alexandru Chirita, CEO of
Electrica.

Three of the projects will be carried out mainly Sibiu, Bihor and Maramures
counties, aiming at increasing the reliability and capacity of the medium and
high voltage network, increasing the quality of the electricity distribution
service, ensuring the safety of the electricity supply for existing users, as
well as ensuring the possibility of connecting future consumers and producers.
The fourth project aims at digitizing the overhead and underground electricity
distribution network, 118,505 Km in all the 18 counties where DEER operates.

 

     Investment project                                                               Total project value  Maximum value financed through MF  Deadline

(without VTA)
 1   A new 110/20kv Sibiu West transformation power station, Sibiu county             11.91 mn EUR         9.11 mn EUR                        30 June 2025

     -       An transformation power station, 110/20kV 31.5MVA, integrated in
     SCADA;

     -       3.6 km of 10 kV electric cable;

     -       - 3.7 km of 20kV cable
 2   Modernization of the 110 kV electric energy distribution network in Oradea       34.21 mn EUR         25.46 mn EUR                       30 June 2026
     municipality, Bihor county, the area of the Center - Airport - Iosia -
     Mecanica -

     - 4 modernized and integrated power stations;

     - 21.44 km of new 110kV underground networks
 3   Asset data management subsystem - stage II - digitization of the overhead and    14.48 mn EUR         11.13 mn EUR                       30 June 2027
     underground electricity distribution network for

     - 118,505 Km, related to the 18 counties where DEER operates
 4   Modernization of the MV overhead power lines from Sighet station, Maramures      16.45 mn EUR         12.22 mn EUR                       31 March 2026
     county - 120.2 km of modernized 20kV LEA
     TOTAL                                                                            77.05 mn EUR         57.91 mn EUR

Note: the values in EUR were estimated at an exchange rate of 4.9604 RON/EUR

The Modernisation Fund is a financing instrument that contributes to the
objectives of the European Climate Pact by supporting a socially just
transition towards a green economy. More details about the Modernisation Fund
can be found on the official websites:

·    https://modernisationfund.eu/ (https://modernisationfund.eu/) (only
in English)

·    https://opportunity-ue.gov.ro/program/fondul-pentru-modernizare/
(https://opportunity-ue.gov.ro/program/fondul-pentru-modernizare/) (in
Romanian and English)

·    https://energie.gov.ro/category/fondul-pentru-modernizare/
(https://energie.gov.ro/category/fondul-pentru-modernizare/) (only in
Romanian)

 

Contact details:

Electrica Investor Relations

E-mail: ir@electrica.ro (mailto:ir@electrica.ro)

Telefon: +40 731 796 111

 

 

CEO

Alexandru-Aurelian Chirita

 

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