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Moldova Romania Power Interconnection Phase I

Provision of an up to EUR 80 million senior loan to the Republic of Moldova ("RoM") to be onlent to Moldelectrica IS ("Moldelectrica" or the "Company"), the 100% state-owned single power transmission system operator in Moldova for the construction, equipment and placing into operation of:

(i) a back-to-back High Voltage DC (HVDC) converter substation in Vulcanesti to allow the connection between the electricity systems of Romania and Moldova, namely the European Network of Transmission System Operators of Electricity (ENTSO-E) and the Integrated Power System/United Power System (IPS/UPS);

(ii) a 400kV transmission line between Vulcanesti and Chisinau (to be financed by WB);

iii) the extension of the substation in Chisinau in Moldova and

(iv) the extension of the Vulcanesti 400kV substation (together, the "Project").

The transaction is part of an up to EUR 270 million financing package to be provided jointly with the European Investment Bank, the World Bank and the European Commission Neighbourhood Investment Facility.


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