ROMANIA: The Ministry of Energy signs the contract for financing the rehabilitation and modernization of an important microhydropower plant for the Oltenia Energy Complex

The Ministry of Energy announces the signing of an important contract for the financing of the rehabilitation and modernization project of the microhydropower plant with an installed capacity of 9.9 MW at S.E. Turceni, implemented by SOCIETATEA COMPLEXUL ENERGETIC OLTENIA SA. The financing of this project is provided in a proportion of almost 65% from the Modernization Fund.

“Even though we are going through a difficult period, with uncertainties, we are not reducing the pace. The modernization projects of the national energy system must be continued at an accelerated pace and that is exactly what we are doing these days. In the face of the aggression that Romania is facing, we are responding with the best weapons: investments to strengthen the security of the national energy system. The Oltenia Energy Complex is being modernized and we need this company in the national energy system and in the Romanian economy. I thank everyone who contributed to this project and I rely on the CEO team to bring this investment to fruition”, declared Sebastian Burduja, Minister of Energy.

Based on the European Commission Decision C(2024) 4190 final of 12.06.2024, the project was approved for financing in the proportion of 64.47% from the Modernization Fund, in accordance with Directive 2003/87/EC of the European Parliament and of the Council. The amount financed from the Modernization Fund is 25,420,469.72 lei (equivalent in lei to 5,107,281 euros).

The project has a total value of 46,921,604.38 lei, including VAT (equivalent in lei to 9,427,120 euros), the difference being covered by co-financing provided by SOCIETATEA COMPLEXUL ENERGETIC OLTENIA SA.

The modernization of the microhydropower plant at S.E. Turceni will bring significant benefits in terms of reducing greenhouse gas emissions and increasing the production capacity of renewable energy.