Rețele Electrice companies, part of the PPC Group, signed credit agreements worth RON 1 billion (EUR 200 million) with the European Bank for Reconstruction and Development (EBRD), Banca Transilvania, BCR, and ING Bank Romania, as part of a syndicated financing in which the EBRD was the consortium leader.
The funds will be used to refinance and finance the investment programs of electricity distribution operators Rețele Electrice Muntenia (REM), Rețele Electrice Banat (REB), and Rețele Electrice Dobrogea (RED) in southern Romania for the years 2023 and 2024.
The total value of the investment projects that will be financed, including with the help of the mentioned loans, is RON 1.44 billion (EUR 290 million).
Within the framework of the financing agreements, the possibility of increasing the value of the loans by another RON 500 million is provided, starting from 2025, a non-binding option available to the Electric Networks companies.
Within the consortium, the EBRD will make available total funds of RON 500 million, and the three commercial banks will provide another RON 500 million, in equal shares.