The proposed syndicated loan aims to increase financial flexibility, support current operational and strategic objectives and stimulate growth of the Regulated Asset Base (RAB).
The transaction refinances the company's existing facilities, originally signed in 2023, and extends the initial maturity from three to five years on improved terms. The funds will mainly support the modernisation and digitalisation of Delgaz's distribution network, including the rollout of smart metering infrastructure. These investments are expected to improve network reliability, reduce outages and electricity losses, and facilitate the integration of additional renewable energy capacity, supporting Romania's energy transition and its 2030 renewable energy targets.
"This refinancing reflects the continued confidence of our banking partners in Delgaz Grid's business model and supports our strategic priorities, including modernising the energy infrastructure and advancing the energy transition in Romania," said Cristian Secoșan, General Manager of Delgaz Grid.
The facilities are structured as sustainable financing, with pricing linked to defined performance targets on greenhouse gas emissions, health and safety, and the rollout of smart metering infrastructure. In the transaction, ING Bank acted as Sole Coordinator, Bookrunner and Sustainability Coordinator, UniCredit as Facilities Agent, and BRD as Security Agent, while law firms Act Legal and CMS advised the borrower and lenders respectively. The financing consortium comprises BCR, ING Bank N.V. Amsterdam – Bucharest Branch, UniCredit Bank, BRD, Banca Transilvania, the European Bank for Reconstruction and Development and Raiffeisen Bank.
The refinancing is part of the company's efforts to use a broad portfolio of funding sources, including non-reimbursable financing accessed through the Modernisation Fund and the Connecting Europe Facility. In this way, Delgaz Grid maintains its direction towards improving network operation performance standards and delivering distribution services to end clients in an energy environment where distribution networks play a decisive role.
