Romania's Electrica company has got non-repayable financing worth approximately EUR 3.4 million, under the National Recovery and Resilience Plan (PNRR), for the development of an electricity storage project at Fantanele, Mures County, the company informed on Thursday.
The total value of the project is estimated at EUR 21.8 million, including approximately 20% non-repayable financing.
The initiative construction of electricity storage capacity, related installations, transformer substations and transformer stations, internal electrical networks, fencing, branches, external connections to the national grid and accessways is designed for the development of electricity storage units based on battery technology of a total capacity of 69.93 MWh.
"We are glad to be among the beneficiaries of PNRR funds on this pillar, a much-needed incentive amidst sped-up green transition. This achievement represents an important step in achieving our strategic objective of accessing as much non-repayable funding as possible for investments. Battery energy storage technology offers multiple benefits, from grid flexibility and stability, necessary for the integration of renewable energy sources, to cost reduction and protection of critical infrastructure," Electrica CEO Alexandru Chirita, is quoted as saying in a press statement released on Thursday.
This is a second project Electrica uses to access funds under PNRR, after, in October 2023, it got financing for the Satu Mare 2 photovoltaic project, developed by its subsidiary, Sunwind Energy. With an installed capacity of approximately 27 MWp, the project is scheduled to be completed by the end of this year.
Also, Electrica announced the takeover of 20% of the share capital in Crucea Power Park SRL, thus consolidating its stake to 60%. The wind farm, of an installed capacity of 132 MWp, is at the stage of getting permits and will integrate an electricity storage component.
The Electrica Group is a key player in the electricity transmission, supply and production market in Romania, as well as one of the most important players in the energy services sector.
It provides services to approximately 3.9 million users and has a national coverage area - organised in three areas for the distribution of electricity: Transilvania Nord, Transilvania Sud, Muntenia Nord, and throughout the country for the supply of electricity and for maintenance and energy services.
In July 2014, Electrica became a mostly privately owned company floated on the Bucharest and London stock exchanges. Electrica is the only Romanian company listed in the field of electricity distribution and supply.
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