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The EIB, through its special unit EIB Global, will provide a loan of 28 million euros to modernize the electricity distribution network in Moldova.

The EIB, through its special unit EIB Global, will provide a loan of 28 million euros to modernize the electricity distribution network in Moldova.

These funds will help Premier Energy Distribution improve the quality and reliability of the power grid in our country. As noted in the message of the European Investment Bank, in particular, the EIB, through its specialized development finance unit EIB Global, supports a 4-year investment program in the electricity distribution sector in Moldova. The program will be implemented by Premier Energy Distribution, the largest private operator of the electricity distribution system in Moldova, which serves about 70% of the country's territory. EIB funding, in line with the EU's Global Gateway strategy, will contribute to the modernization, digitalization and expansion of the electricity distribution network in central and southern Moldova. The loan will help Premier Energy Distribution transform its traditional distribution network into a digital smart grid, ensuring supply reliability and improving end-customer service delivery. The results expected from the program are in line with EU and EIB policy priorities, as well as the country's National Energy Strategy until 2030. The project is co-financed with the European Bank for Reconstruction and Development (EBRD) in the form of a parallel loan of an equal amount of 28 million euros. Jose Luis Gomez Pascual, regional manager of Premier Energy Distribution in Moldova, said that upgrading the distribution network with more durable materials and cleaner technologies will lead to an increase in the efficiency of the network. “Moldova has made a firm decision to follow the path of joining the EU. Likewise, we at Premier Energy Distribution are committed to improving the quality of service delivery in order to achieve high EU quality standards,” he said. In turn, EIB Vice President Teresa Czerwińska, who is in charge of EIB Global's activities in Moldova, said that the EIB is pleased to support such a timely and relevant modernization of Moldova's electricity distribution network, which will increase the energy sustainability of the country. According to her, the developed electric power infrastructure will provide the population and enterprises of Moldova with reliable power supply. “We at the EIB, the EU bank with climate change as one of its goals, also know that strengthening the electricity grid is vital to the growth of renewable energy, which is a key factor for successful climate action. The EIB supports Moldova on its path to EU accession and is happy to invest in its green and sustainable future,” she said. In turn, the EU Ambassador to our country, Jānis Mažeiks, welcomed the issuance of a new loan by the EIB for the implementation of the action plan for the digitalization of the energy sector in Moldova. “We are pleased that the European Union supports the government's efforts to ensure energy security, private investment and climate change mitigation,” stressed Jānis Mažeiks. The European Investment Bank is a long-term financial institution of the European Union owned by its member states. EIB Global is a specialized division of the EIB group dedicated to enhancing the impact of international partnerships and development finance and is a key partner of the Global Gateway. Through the Team Europe initiative, EIB Global is committed to fostering strong, focused partnerships with other development finance institutions and civil society.// 20.03.2023 — InfoMarket

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