Electrica SA has announced the launch of a consultation process with investors for a potential inaugural issuance of euro-denominated green bonds. The move marks an important step in diversifying the company’s financing and aligning it with capital market trends geared toward sustainable investments.
According to the official announcement, the mandate to organize meetings with investors was granted to a consortium of leading international and local financial institutions. The bonds are intended exclusively for qualified investors and will be listed on both the Bucharest Stock Exchange and the Luxembourg Stock Exchange, subject to market conditions.
Electrica bases this initiative on the Green Finance Framework 2025, a document that establishes the eligibility criteria, evaluation and selection process, fund management, and reporting standards associated with green financing instruments. According to the framework, the funds raised will be used exclusively to finance or refinance projects that support the energy transition, such as the development of renewable capacities, the modernization of electricity networks, and the implementation of energy storage infrastructure.
In addition, Sustainable Fitch issued a favorable Second-Party Opinion on this framework, noting its alignment with relevant international standards (ICMA Green Bond Principles 2025 and Green Loan Principles 2025). The analysis highlights aspects considered robust, such as the clearly defined use of funds for eligible green projects, a rigorous assessment and selection process, separate and transparent management of revenues, and a commitment to detailed and externally verified annual reporting.
Eligible projects fall into two broad categories – electricity grids and renewable energy. In the case of electricity networks, the targeted investments include the modernization of distribution infrastructure, the installation of smart meters, and the development of battery energy storage systems (BESS), all in line with the criteria for a substantial contribution to climate change mitigation as defined in the EU taxonomy. For renewable energy, the funds would support the construction and operation of onshore photovoltaic and wind farms, technologies that are essential for Romania’s climate goals.
From a strategic perspective, Electrica has set itself the goal of consolidating three pillars for the period 2025–2030: decarbonization, digitization, and diversification. The company aims to expand its installed capacity from renewable sources to 1 GW in the coming years, modernize its networks, and integrate low-carbon technologies. Currently, the portfolio of projects under development includes investments in solar parks in Satu Mare and Bihor, as well as in a wind farm in Constanța County, with a projected capacity of over 120 MW and dedicated storage facilities.
According to its updated National Integrated Energy and Climate Change Plan, Romania aims to achieve a share of over 38% renewable energy in gross final consumption by 2030. In this context, Electrica’s green bond issue aims not only to obtain long-term financing, but also to align with national and European climate targets.
For investors, green bonds offer access to a financial instrument that is compatible with ESG standards and EU taxonomy, while for the company, they represent an opportunity to diversify its sources of capital and support the sustainable development of Romania’s energy infrastructure. At the same time, the success of this initiative could stimulate the consolidation of the local green finance market, providing a concrete example of the integration of sustainability criteria into the financial strategy of a company with a systemic role in the energy sector.