Crucea Est wind project-winner in the CfD auction

Societatea Energetica Electrica SA

17 December 2024

 

To:                  Romanian Financial Supervisory Authority (FSA)

                        Bucharest Stock Exchange (BSE)

                        London Stock Exchange (LSE)

Current report in compliance with the Law 24/2017 on issuers of financial instruments and market operations, FSA Regulation no. 5/2018 on issuers of financial instruments and market operations, and the Bucharest Stock Exchange Code

Report date:  17 December 2024

Company name: Societatea Energetica Electrica S.A. (Electrica)

Headquarters: 9 Grigore Alexandrescu Street, 1^st District, Bucharest, Romania

Phone/fax no.: 004-021-2085999/ 004-021-2085998

Fiscal Code: RO 13267221

Trade Register registration number: J40/7425/2000

Subscribed and paid in share capital: RON 3,395,530,040

Regulated market where the issued securities are traded: Bucharest Stock Exchange (BSE) and London Stock Exchange (LSE)

Significant events to be reported: The company Crucea Power Park SRL (CPP) has been designated among the winners of the first round of the Auction for the State Aid Scheme in the form of Contracts for Difference (CfD).

Electrica informs its shareholders and investors that, on 16 December 2024, the company Crucea Power Park SRL (CPP), which is developing the Crucea Est wind farm project and it is 60% owned by Electrica, was designated among the winners in the first round of the Auction for the State Aid Scheme in the form of Contracts for Difference (CfD), within the call launched on 18 November 2024. CPP has achieved this status for its onshore wind power generation project, with an allocated installed capacity of 54.0 MW (the total designed installed capacity being 138 MW), at a price of 77.3250 EUR/MWh.

The investment project developed within Electrica Group through Crucea Power Park S.R.L.  refers to the development of Crucea East wind farm with a designed installed capacity of up to 138 MW, medium voltage electrical network, park -electrical transformer station, underground 110 KV line, land fencing, and connection to the National Energy System (main transformer station 110KV/400KV), connection to airline electrical network 400KVA, reinforcement works & Installation of battery electricity storage capacity with an installed capacity of 15 MW/60MWh - located in Constanta County, Crucea and Pantelimon.

The commencement of the investment implementation with a total investment value of up to 253,000,000 EUR, excluding VAT, is submitted to the approval of Electrica's shareholders at the Extraordinary General Meeting on 5 February 2025.

"The development of Crucea Est wind farm is a strategic project for Electrica. This achievement highlights our company's commitment to developing renewable energy projects, transitioning toward a sustainable energy future, and contributing to the development of the renewable energy sector in Romania as well as to the national energy transition goals", stated Alexandru Chirita, Electrica's Chief Executive Officer.

The CfD is a financial support mechanism that helps stimulate investments in renewable energy projects by reducing financial risks for investors and providing long-term stability. This first round is a premiere for Romania and a European first (the first CfD-type scheme financed with non-reimbursable funds, through an allocation of up to EUR 3 billion from the Modernization Fund).

CEO

Alexandru Aurelian Chirita

 

END