Delgaz Grid has secured four new financing contracts worth approximately 186.4 million EUR from the Modernization Fund to enhance its electricity distribution infrastructure in Romania's Moldova region. The projects, announced by Delgaz Grid, part of the E.ON group, aim to modernize the electricity network across six counties: Bacău, Iaşi, Neamț, Vaslui, Botoșani, and Suceava.

The largest component includes two projects valued at around 125.2 million EUR, with 86.6 million EUR in non-refundable financing. These projects focus on installing up to 900,000 SMART meters and updating over 40,000 branches. The remaining two projects, totaling approximately 61.2 million EUR with 47.6 million EUR in non-refundable funding, will modernize 14 transformation stations. This will enhance the integration of renewable energy, reduce power interruptions, and cut maintenance costs.

Cristian Secoșan, General Manager of Delgaz Grid, emphasized the significance of securing EU funds, noting that it alleviates pressure on distribution tariffs and benefits Romanian consumers.

To date, Delgaz Grid has submitted 24 investment projects amounting to 780 million EUR, seeking 600 million EUR from the Modernization Fund, with the remainder covered by the company. Of these, ten projects worth 360 million EUR have already been approved, with financing contracts signed.

Source: thediplomat.ro