Romania's Transelectrica secures 56 mln euro in EU funds

The company has obtained the financing through the REPowerEU component of Romania's national plan for recovery and resilience (NPRR), which has recently been approved by the EU Council, it said in a statement filed with the Bucharest Stock Exchange.

The first investment, worth 29.55 million euro, involves installing photovoltaic power plants and electrical energy storage installations at 29 of Transelectrica's power stations, reducing the company's own electricity consumption by at least 50% and cutting greenhouse gas emissions by 2,611 tonnes of CO2 per year.

The second investment, valued at 18.24 million euro, will modernise SMART SA, a subsidiary of Transelectrica, with equipment and tools that utilise clean technology. This will enable SMART SA to deploy LST (working under voltage) technology, minimising the time of interventions and enhancing the efficiency of maintenance services.

The third investment, with a budget of 8.44 million euro, will focus on modernising the communication network and establishing a data centre within Teletrans SA, another Transelectrica subsidiary, to bolster cyber resilience and enhance the technical availability of the optical fiber infrastructure up to 99.5%. This will contribute to the safety and stability of the National Power System (NPS) operations.

The three investments will significantly strengthen the power transmission grid of Romania, enabling the integration of renewable energy sources, improving energy efficiency, and enhancing grid stability, Transelectrica said.

The Romanian state owns a 58.69% stake in Transelectrica, while the remainder is in free float on the Bucharest Stock Exchange.

Blue-chip Transelectrica's shares traded 2.03% higher at 30.1 lei ($6.51/6.05 euro) as at 1357 CET on Monday on the Bucharest bourse.

($=0.929930 euro)