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Energy – Rețele Electrice secures 1 billion lei investment funding from a bank consortium led by EBRD – Brief

2 min read (textul complet), articol clasificat de Robotul Minerva ca: General

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Rețele Electrice companies, part of the PPC Group, signed loan agreements worth 1 billion lei on Thursday with a bank consortium led by the European Bank for Reconstruction and Development (EBRD).

This funding will support the investment programs of the distribution operators Rețele Electrice Muntenia (REM), Rețele Electrice Banat (REB), and Rețele Electrice Dobrogea (RED) for the years 2023 and 2024.

The infrastructure we operate plays a crucial role in economic growth, energy transition, and the competitiveness of the economy,” said Răzvan Popescu, CFO of PPC companies in Romania, emphasizing the importance of these funds.

Rețele Electrice secures 1 billion lei investment funding from a bank consortium led by EBRD

Rețele Electrice companies, part of the PPC Group, signed loan agreements worth 1 billion lei on Thursday with a bank consortium led by the European Bank for Reconstruction and Development (EBRD). The consortium also includes Banca Transilvania, BCR, and ING Bank Romania. This funding will support the investment programs of the distribution operators Rețele Electrice Muntenia (REM), Rețele Electrice Banat (REB), and Rețele Electrice Dobrogea (RED) for the years 2023 and 2024.

“Our main concern in the coming years is to implement ambitious investment programs to ensure the resilience of the electrical networks through digitalization, modernization, and reconfiguration. The infrastructure we operate plays a crucial role in economic growth, energy transition, and the competitiveness of the economy,” said Răzvan Popescu, CFO of PPC companies in Romania, emphasizing the importance of these funds.

Within the consortium, EBRD will allocate 500 million lei, distributed as follows:

  • 175 million lei for Rețele Electrice Muntenia
  • 175 million lei for Rețele Electrice Banat
  • 150 million lei for Rețele Electrice Dobrogea

The three commercial banks will contribute an additional 500 million lei, divided equally among the three distribution operators.

The total value of the financed investment projects will be 1.442 billion lei, with specific allocations for each operator:

  • 575 million lei for Rețele Electrice Muntenia
  • 465 million lei for Rețele Electrice Banat
  • 402 million lei for Rețele Electrice Dobrogea

The investment programs will include the modernization of the networks to improve the quality of the distribution service, reduce technological own consumption, and increase operational efficiency. Additionally, the network capacity will be expanded to accommodate new consumers and increased consumption levels in developing areas. The installation of smart meters and remote control systems for installations will continue, including equipment to ensure cybersecurity.

The contracts include the option to increase the loan amounts by an additional 500 million lei starting in 2025, a non-binding option for the Rețele Electrice companies.

Rețele Electrice companies operate an extensive infrastructure of about 134,000 kilometers of network in three regions of the country: Southern Muntenia (including Bucharest), Banat, and Dobrogea, serving approximately 3.1 million customers. The investment program of Rețele Electrice is dedicated to improving service quality, safety, and network performance, in line with the environmental standards of the PPC group. The infrastructure includes 287 transformation stations and over 24,000 transformation posts.

19.07.2024 / Editor, Andreea Dragan

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