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The EBRD and the EIB will provide Premier Energy Distribution with a total of $60 million in loans for the modernization of power grids in southern and central Moldova.

The EBRD and the EIB will provide Premier Energy Distribution with a total of $60 million in loans for the modernization of power grids in southern and central Moldova.

This is provided for by two loan agreements signed by Premier Energy Distribution with the European Bank for Reconstruction and Development and the European Investment Bank. Premier Energy Distribution says the agreements are part of a project to finance an investment program provided to Moldova's largest electricity distribution system operator by two international financial institutions. The first agreement is a part of the program on enhancing energy sustainability in line with the EBRD investment strategy for Moldova for 2023-2028. It provides a $30 million loan to finance Premier Energy Distribution's investment program until 2025, which includes the modernization, digitization and maintenance of distribution networks in central and southern Moldova, including Chisinau. A second agreement has been signed with the European Investment Bank, which is also providing Premier Energy Distribution with a $30 million loan until 2025 to improve power distribution quality and reliability, digitize processes and ensure continuity of service, as well as overall efficiency of the distribution system operator. The commitment of Premier Energy Distribution, the largest distribution system operator in Moldova, is to ensure quality and efficiency through investments made in the reconstruction and modernization of power networks. During 22 years of activity in Moldova, the company has implemented European best practices and management standards, investing over 328 million euros in the modernization and expansion of the power grid to increase efficiency and improve service quality. Thanks to the investments made, the efficiency of field surveys and the prioritization of work and operations on medium- and low-voltage transmission lines, the SAIDI (System Average Interruption Duration Index, commonly used as an indicator of reliability by power companies) was 1.35 hours in 2022, compared to 1.68 hours in the previous year. The EBRD and EIB loans will allow Premier Energy Distribution to transform its distribution network from a conventional to an intelligent digital network, thereby ensuring security of supply and improving services to end customers. Premier Energy Distribution is part of Premier Energy Group, which has enterprises in the energy sector in Moldova and Romania, supporting and actively participating in the energy transition process and promoting renewable energy and other important projects to develop green energy, diversify sources of electricity supply and strengthen Moldova's energy security. // 07.03.2023 - InfoMarket

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