Romanian Minister of Energy Victor Grigorescu said that the Ministry has signed two financing agreements worth 21 million euros with state-owned electricity producer Energy Complex (EC) Oltenia in order to modernize its Rovinari and Isalnita thermal power plants.
The project will be financed with money obtained through the sale of greenhouse gas emission allowances. Minister Grigorescu noted that Romania has not been using the money from these allowance in the past few years due to some bureaucratic blockages and inefficiency. In early 2016, Romania almost lost the approval from the European Commission to spend this money on modernization of thermal power plants, due to unjustified delays. He said that the money will be transferred to the plants that need the modernization the most by the end of the week.
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Tags: electricity, investment, Isalnita, modernization, Oltenia, Romania, Rovinari, thermal, TPP