The Ministry of Energy has signed an important contract for the financing of the rehabilitation and modernisation project of the 9.9 MW micro-hydroelectric power plant at SE Turceni, implemented by Complexul Energetic Oltenia SA, the ministry announced on Monday.

According to the source, financing is almost 65% provided from the Modernisation Fund.

„Even though we are going through a difficult period, with uncertainties, we are not slowing down. The modernisation projects of the national energy system must continue at an accelerated pace, and that’s exactly what we are doing these days. In the face of the aggression Romania is facing, we are responding with the best tools: investments to strengthen the security of the national energy system. Complexul Energetic Oltenia is modernising, and we need this company in the national energy system and the Romanian economy. I thank everyone who contributed to this project and rely on the CEO team to successfully complete this investment,” Minister of Energy Sebastian Burduja is quoted in the release as saying.

Based on the European Commission’s decision of June 12, 2024, the project was approved for financing 64.47% from the Modernisation Fund, in accordance with European Parliament and Council Directive 2003/87/EC. The amount financed from the Modernisation Fund is 25.42 million lei (equivalent to 5.107 million euros).

The total value of the project is 46.92 million lei, including VAT (equivalent to 9.42 million euros), with the difference covered by the co-financing provided by Complexul Energetic Oltenia SA.

The modernisation of the micro-hydroelectric power plant at SE Turceni will bring significant benefits in terms of reducing greenhouse gas emissions and increasing the production capacity of renewable energy, the quoted source added.

AGERPRES