Moldovan cabinet approves ratification of agreements with two top European banks on financing interconnection with electricity networks of Romania

Chisinau, 11 July /MOLDPRES/ - The government today approved the draft laws on the ratification of the agreements on loan with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) for the interconnection of the electric energy networks from Moldova and Romania. The EBRD and EIB’s loans, worth 80 million euros each, will be used to carry out the project titled, Construction, equipment and setting to work of the electricity interconnection between Moldova and Romania.   

The project sees the construction, endowment and setting to work of an electricity interconnection between Moldova and Romania, made up of: a Back-to-back station in Vulcanesti (southern Moldova); a 400 KV electric energy transportation line between Vulcanesti and Chisinau; extending the station from Chisinau, in Moldova; extension of the Vulcanesti station of 400 KV. The initiative was made by the Economics and Infrastructure Ministry and is in strict accordance with the measures stipulated in the 2030 Energy Strategy and the commitments taken by Moldova within the Energy Community.   

„The carrying out of the project will provide an enhanced security level and better prices for the domestic electric energy market, permanent access to the regional electric energy market and as a result, a final price for energy less burdensome for consumers,”  Economics and Infrastructure Minister Chiril Gaburici said at the cabinet meeting. He also said that “the project will give possibility to choose without constraints the sources of purchasing energy, either in the East or in the West. This choice will be guided only by the price and will be independent from the evolution of the market from Ukraine. At the same time, the asynchronous interconnection will allow Moldova commercial arbitration between the electric energy sources.”   

The agreements are to be ratified by the parliament.

The overall estimated cost of the project, Construction, equipment and setting to work of the electricity interconnection between Moldova and Romania, is of 270 million euros. This sum includes two loans worth 80 million euros each from EBRD and EIB, World Bank’s financing of 70 million euros and an EU grant of 40 million euros.  

(Reporter V. Bercu, editor A. Raileanu)