European Investment Bank provides 28 million euros for modernizing power distribution networks from Moldova

Chisinau, 20 March /MOLDPRES/ - The European Investment Bank (EIB) provides 28 million euros for the modernization of the power distribution network from Moldova. The programme, with duration of four years, will be enforced by the Premier Energy Distribution enterprise – the biggest private operator of the power distribution system from Moldova, which serves about 70 per cent of Moldova’s territory. The financing will contribute to the modernization, digitalization and extension of the power distribution network from the central and southern Moldova, including in Chisinau.    

The investments programme is necessary, in order to replace the old assets, the duration of economic life of which has expired and which no longer meet the standards demanded. It will ensure the continuity of the service and will improve the quality and reliability of the power distribution.    

The new measurement and communication apparatus will enhance the digitalization. Thus, the loan will allow Premier Energy Distribution to transform a conventional distribution network into an intelligent digital one, which will lead to the tightening of the security of the supply and to the improvement of the services for the end users.   

„We appreciate our partnership with EIB and the Bank’s involvement in the modernization of our power distribution network, in the sense of use of more resistant materials and cleaner technologies, which will lead to a higher efficiency of the distribution network,’’ Country Director of the of Premier Energy Distribution in Moldova Jose Luis Gomez Pascual said.       

The head of the EIB representation in Moldova, Alberto Carlei, said the project came in a critical moment, when Moldova faces a serious energy crisis.  

The project is co-financed by the European Bank for Reconstruction and Development (EBRD), through a parallel loan worth 28 million euros as well.