State-owned coal-based electricity producer Energy Complex (EC) Oltenia has submitted applications for funding from the Modernization Fund for the construction of two gas-fired power plants included in its restructuring and decarbonization plan.
The submissions come after the European Commission has approved the company’s restructuring plan worth some 2.66 billion euros. The plan includes the construction of gas-fired units with combined capacity of 475 MW in Turceni and 800 MW in Isalnita, together worth around 800 million euros. EC Oltenia also plans the construction of eight solar power plants with combined installed capacity of 725 MW, worth more than 700 million euros.
The Modernization Fund currently has an estimated allocation of over 15 billion euros (depending on the future quotation of CO2 certificates) with an implementation period ending in December 2030.
