December 22 (SeeNews) - The European Commission said that in its second year of operation, the EU’s Modernisation Fund has disbursed 1.39 billion euro ($1.48 billion) to Romania for projects that accelerate the country’s clean energy transition.
The investment proposal that has received funding is dedicated to building eight photovoltaic parks and two combined gas turbine plants, replacing lignite by renewables and gas for power generation, as well as modernising Romania’s electricity networks, the Commission said in a press release on Wednesday.
You can download the 2024 Renewable energy in Southeast Europe report here
In its second year of operation, the Modernisation Fund has disbursed a total of 4.11 billion euro to eight countries. Of the eight beneficiaries, Romania has received the largest disbursement, followed by the Czech Republic, with 1.34 billion euro and Poland, with 643.2 million euro.
Funded by revenues from the auction of emission allowances from the EU’s Emissions Trading System, the Modernisation Fund assists ten EU countries with lower incomes in their transition to climate neutrality.
In October, Romania’s energy minister announced plans to allocate over 900 million euro from the EU’s Modernisation Fund to refurbish coal-based electricity producer Complexul Energetic Oltenia.
During the same month, Romanian power grid operator Transelectrica [BSE:TEL] said that it has signed 424 million euro worth of non-refundable financing contracts under the Modernisation Fund for projects for the development of the national grid infrastructure.
($=0.9403 euro)
CNTEE Transelectrica SA is among the biggest companies in SEE. You can download our SEE Top 100 ranking
here or subscribe to our free Top 100 newsletter
here