Romanian Ministry of Energy Awards 24 Financing Contracts for Renewable Energy, Storage Projects

Romania's Ministry of Energy has signed 24 financing contracts through the Modernization Fund to support investments in renewable energy and energy storage. The agreements, aimed at accelerating the country's transition to green energy, will allocate a total of 1.8 billion lei (approx. $400 million) to various projects.

Energy Minister Sebastian Burduja announced the contracts, emphasizing their role in bolstering Romania's energy independence and sustainability. "These projects will enhance our renewable energy capacity and strengthen the national grid's resilience," Burduja said.

The funding is part of the European Union's Modernization Fund, designed to assist ten lower-income EU countries in upgrading their energy systems. Romania has been a significant beneficiary, receiving substantial financial support to boost its renewable energy sector.

Among the awarded projects, notable recipients include state-owned Hidroelectrica, which will receive funds to expand its hydropower capacity, and private companies like Electrica and Enel Green Power, focusing on solar and wind energy installations. The financing also covers advanced energy storage solutions to address intermittency issues associated with renewable energy sources.

The projects are expected to add approximately 1,000 megawatts (MW) of new renewable energy capacity and significantly improve energy storage capabilities. This initiative aligns with Romania's target of deriving 30% of its energy from renewable sources by 2030.

Source: The Diplomat Bucharest