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Sep 13, 2022 15:54 EEST
September 13 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it plans to provide a $30 million (29.5 million euro) loan to Moldovan electricity distribution system operator Premier Energy to finance its 2022-2025 investment programme.
The company's investment programme is focused on the modernisation of the electricity distribution grid, the EBRD said in a project summary document.
The programme aims to strengthen the network, increase energy efficiency, improve safety standards of the substations and modernise the telecommunication infrastructure.
The loan is pending approval on October 19, according to the document.
The financing project is part of a $60 million capex programme which will be co-financed by a parallel loan from the European Investment Bank (EIB) for an equal amount.
Premier Energy is the largest and solely privately owned electricity distribution system operator in Moldova, maintaining and operating the distribution grid in the central and southern parts of the country including Chisinau. It operates an electricity network with a total length of 35,642 km and provides connections to more than 820,000 consumers, having a domestic market share of 70%.
Premier Energy is 93% owned by Czech private equity firm Emma Capital Limited, a private limited liability company incorporated in Cyprus and ultimately controlled by a number of Czech individuals that has investments in energy, consumer finance and gaming. The minority stake of 7% is held by Soterios Capital Partners, wholly owned by the family of founder Boris Salas.
Premier Energy also operates in Moldova's neighbour Romania, serving over 115,000 customers as of December 2021.
In August, the EBRD announced that it plans plans to provide a working capital revolving loan of up to 30 million euro to Premier Energy Romania.
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