Electrica obtains $62.3 M investment grant
Romanian Electrica subsidiary DEER obtains $62.3 M grant
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Romania, Bucharest: Romanian Electrica subsidiary DEER obtains $62.3 M grant
Subsidiary of the Romanian state-controlled Power supply and distribution group Electrica, announced that its power distribution subsidiary DEER obtained a $62.3 M (EUR 57 M) grant under the EU’s Modernisation Fund, representing 80 % of the eligible expenses for four investment projects in the electricity distribution network.
“One of the strategic objectives assumed 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,” said Electrica director general, Alexandru Chirita.
The total value of the four projects is $83 M (EUR 76 M). Under these investment projects, DEER will overhaul the electricity distribution networks and power lines it manages, and build a new transformer station in the county of Sibiu.
Three of the projects will be carried out mainly in 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 providing 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.
Source: Romania Insider
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