January 29 (SeeNews) - Romanian power and gas distribution company Delgaz Grid, part of E.ON group, plans to invest 16.3 million lei ($4.4 million/3.5 million euro) in electricity infrastructure upgrade projects over three years.
The investment is co-financed with approximately 10 million lei from the European Regional Development Fund, around 1.8 million lei come the state budget, while over 4 million lei represent the contribution of the company, Delgaz Grid said in a press release on Sunday.
The funds will be used for the modernization of three power transformation stations in Iasi county, as well as for an upgrade of the power network in the area.
The works will run for three years and aim to increase the safety of electricity supply from renewable sources by reducing the number of interruptions and cut the the cost of maintenance of the distribution network.
Delgaz Grid, a company of E.ON Group, operates a natural gas distribution network over 21,650 km long and an electricity distribution network of over 81,500 km in 20 Romanian counties serving about 3.1 million customers.
Over the past 12 years, the E.ON Group has invested over 1.5 billion euro ($1.9 billion) in Romania, mainly for the rehabilitation and upgrading of its distribution systems.
(1 euro=4.6658 lei)