35.1 C
Bucharest
July 28, 2021
BUSINESS BUSINESS COMPANIES ECONOMY ENERGY FINANCE&BANKING

Energy Minister Popescu: The EIB can finance up to 75% of eligible energy project costs in Romania under the new Energy Transition Package

  • Minister Virgil Popescu and Counsellor Nicula Havrilet meets Vice President Christian Kettel Thomsen to discuss new opportunities for EIB support for energy investments across Romania including under Just Transition Mechanism, Resilience and Recovery Fund and Modernisation Fund
  • EIB provided EUR 1.2 billion for renewable energy, energy efficiency, network investment and transmission in Romania since 1991

Romanian Energy Minister Virgil Popescu and Counsellor Nicula Havrilet on Friday visited the Luxembourg headquarters of the European Investment Bank to explore new opportunities to increase European Investment Bank financial and technical support for energy investments in Romania and build on the EIB’s track record of backing high-impact energy projects across the country.

“Accelerating investment to increase of renewable energy, cut energy use and bills, and improve national and local energy infrastructure is crucial for Romania and global climate ambitions. Today’s visit to the European Investment Bank  provides a valuable opportunity to strengthen cooperation between Romania and the EIB, the world’s largest international public bank and leading energy and climate action partner. I look forward to deepening discussions to enable Romania to fully benefit from new financing and technical support available from Just Transition Mechanism, Resilience and Recovery Fund and Modernisation Fund” said Virgil Popescu, Romanian Energy Minister, according to a press release issued by the EIB.

“The European Investment Bank is committed to supporting new investment across Romania to enhance power distribution, harnessing hydropower, solar energy and wind and improve energy efficiency that supports economic growth and industrial production. My EIB colleagues and I are pleased to welcome Energy Minister Popescu and Counsellor Havrilet to our headquarters to provide an update on the EIB’s enhanced support for energy transition, priority public and private energy investment and expert cooperation to share best practices. I look forward to visiting Bucharest in the coming weeks to further deepen our dialogue and announce significant new support for nationwide energy investment in Romania.” said Christian Kettel Thomsen, European Investment Bank Vice President.

Christian Kettel Thomsen, European Investment Bank Vice President responsible for Romania hosted the working meeting with EIB financial, technical and energy transition experts that took place alongside the meeting of EU energy, transport and telecommunication ministers in Luxembourg.

 

Accelerating energy transition in Romania

 

The EIB confirmed expected increased backing for energy transition investment in Romania as part of the EIB Climate Bank Roadmap and technical and financial support for specialised decarbonisation projects in the country.

The EIB can finance up to 75% of eligible energy project costs in Romania under the new Energy Transition Package.

 

Green transition dialogue with Romanian energy partners

 

In recent months, the EIB has worked closely with the National Bank of Romania, government authorities, public and commercial banks to formulate recommendations to boost green finance in the country.

The EIB’s dedicated advisory experts are also working with Romanian partners to prepare projects that enable energy efficiency as well as increased use of alternative fuels in the country.

The European Investment Bank is owned directly by the 27 EU member states and in 2020 the EIB Group provided of EUR 809 million new support for COVID-19 resilience, education, water, energy efficiency and private investment in Romania.

Since 1991 the EIB and EIF have provided more than EUR 17 billion for transformational private and public investment across Romania.

Photo: Richard Willis/EIB

Related posts

Economists expect Romania’s economy to grow 2 – 2.3 pc

Nine O' Clock

APIA: Romanian auto market grew continuously in last 15 months

Nine O' Clock

Dacia sales in U.K. tripled in Q1

Nine O' Clock