EBRD supports energy security in Romania

Mihai-Alexandru Cristea 16/11/2022 | 16:39

The European Bank for Reconstruction and Development (EBRD) is supporting energy security in Romania by lending €30 million to Premier Energy SRL, Romania’s leading private gas distributor and supplier.

 

The Bank’s investment will finance the working capital needs of the company amidst rising gas prices triggered by the war on Ukraine. It will enable Premier Energy to purchase gas and provide an uninterrupted supply to consumers in Romania in the upcoming winter, safeguarding livelihoods.

The transaction is part of the EBRD’s Resilience and Livelihoods framework, which supports companies and countries affected by the war on Ukraine.

Premier Energy SRL supplies gas to retail, industrial and commercial end-users in Romania. It also operates as the owner and operator of the gas distribution networks in and around Bucharest, the southern region, the western region, as well as smaller towns and villages in the northern part of Romania. The company is ultimately owned by Premier Energy PLC, a gas and electricity infrastructure group operating in Moldova and Romania.

In addition, with the EBRD’s support, Premier Energy PLC will become a supporter of the TCFD (Task Force on Climate-Related Financial Disclosures) and develop a climate corporate governance plan as part of the Group’s wider decarbonisation strategy.

EBRD Director, Regional Head of Romania and Bulgaria, Mark Davis said:

“We are happy to support Premier Energy with its working capital needs and, more importantly, its decarbonisation journey. The EBRD’s support will ensure uninterrupted provision of vital energy services, and at the same time contribute to Romania’s green transition.”

Premier Energy’s CEO, Jose Garza, said:

“We are grateful for the EBRD’s support to Premier Energy SRL and view this as a milestone transaction for Premier Energy Group. This new working capital credit line is important as it provides stability in these uncertain times and will allow us to support our customers and hopefully continue to grow our energy business.

We are looking forward to building on this transaction, broadening and deepening our relationship with the EBRD not only in Romania, but also in the broader Balkan region as part of our ambitious and continuous efforts in the renewable and clean energy sector.

We are confident in our medium and long-term strategies, including our energy-sector-leading ESG policies, which we expect will further thrive under EBRD guidance and partnership.”

The EBRD is one of the largest institutional investors in Romania. To date it has invested more than €10.2 billion in 502 projects in the country.

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Mihai-Alexandru Cristea | 29/11/2022 | 10:17

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