The Investment Committee of the Modernization Fund approved Romania’s request for financing for the future gas power plants of the CE Oltenia and also confirmed the financing for the photovoltaic projects. These are strategic projects for the Romanian energy sector, included in the Restructuring and Decarbonization Plan of the EC Oltenia approved at the beginning of the year by the European Commission. Approximately 895 million euros will be allocated from the Modernization Fund for these investment projects.

“We welcome the decision of the Investment Committee of the Modernization Fund. It is a very important new step in the implementation of the Restructuring Plan of CE Oltenia, given that a major component of the plan is the construction of new capacities based on solar energy and gas. These new capabilities are essential for the long-term viability of the company, and the financing through the Modernization Fund allows the completion of projects “, said Daniel Burlan, President of the Directorate of EC Oltenia.

There are eight projects submitted for the production of energy from renewable sources (photovoltaic parks), with an installed capacity of 735 MW and worth almost 671 million euros, and 70% of the amount comes from the Modernization Fund. The photovoltaic parks are included in priority projects, for which the confirmation of the financing from the Investment Committee of the Modernization Fund was needed.

The development of the two gas production units with an installed capacity of 1325 MW in Turceni and Ișalnița, is included in non-priority projects and the financing from the Modernization Fund had to be approved by the Investment Committee. The total value of the two projects is over 841 million euros, of which 50% will come from the Modernization Fund.

The estimated timetable is that the eight photovoltaic parks will be operational in 2024, and the two gas blocks from mid-2026.