2025 Green Bonds Allocation Report
Societatea Energetica Electrica SA
14 July 2026
To: Bucharest Stock Exchange (BVB)
Luxembourg Stock Exchange (LuxSE)
London Stock Exchange (LSE)
Financial Supervisory Authority of Romania (ASF)
Current report pursuant to Law no. 24/2017 on issuers of financial instruments and market operations (republished) and to ASF Regulation no. 5/2018 on issuers of financial instruments and market operations
Date of the Report: 14 July 2026
Name of the issuing entity: Societatea Energetica Electrica S.A. (Electrica or ELSA)
Registered office: 9 Grigore Alexandrescu Street, District 1, Bucharest, Romania
Telephone number: 004-021-2085035
Sole fiscal registration code: RO 13267221
Trade Register order number: J2000007425408
Subscribed and paid-up share capital: RON 3,395,530,040
Regulated market on which the issued securities are traded: Bucharest Stock Exchange (BVB: EL si EL30E), London Stock Exchange (LSE - ELSA and 51FL) and Luxembourg Stock Exchange (LuxSE - XS3111004241)
Important event to be reported: Status of the use of proceeds from the green bond issuance (BVB ticker: EL30E and LuxSE: ISIN - XS3111004241)
Societatea Energetică Electrica S.A. (Electrica) hereby informs bondholders, investors, and the market regarding the status of the allocation of proceeds obtained from the green bond issuance in the amount of EUR 500,000,000, with an interest rate of 4.375% per annum, due on 14 July 2030, listed under ticker symbols LuxSE: ISIN XS3111004241 and BVB: EL30E (the "Bonds").
In accordance with the Green Finance Framework and the Bond Prospectus, the Company presents the correlated Allocation Report and Impact Report. Detailed information is available on Electrica's dedicated webpage: Electrica - Bonds.
Project Evaluation and Selection Process
The identification, evaluation, and selection of projects financed from the issuance proceeds are carried out based on the eligibility criteria established in the Green Finance Framework. These projects are subject to review and approval by decision of the Green Finance Committee (GFC), established within Electrica in accordance with the Green Finance Framework.
Allocation of Proceeds Report
As of the date of this report, the project approval process by the Green Finance Committee is ongoing. Pending allocation, the net proceeds raised from the bond issuance (EUR 494,715,000) are temporarily invested in accordance with the Group's treasury policies, aimed at achieving optimal yields to support current operations. Details regarding these investments are disclosed in the published financial statements.
To avoid any confusion, Electrica has not financed and/or refinanced, and will not finance and/or refinance, any economic activity dedicated to hard coal, lignite, fossil fuels, tobacco, and weapons.
In order to allocate the funds within the committed 36-month timeframe from the issuance date, Electrica maintains a project pipeline in various stages of development. This includes both capacities for which engineering, procurement, and construction (EPC) contracts have already been signed, and projects currently in the tendering or permitting phase:
|
Project / Legal Entity |
Type[1] |
EU Economic Activity[2] |
Capacity |
Investment Value |
Estimated time of completion |
Observations |
|
PV Bihor 1 / Foton Power Energy S.R.L., 100% owned by ELSA |
PV + BESS |
4.1+4.10 |
77.5 MWp PV 17 MWh BESS |
EUR mn. 36.6 |
Q2 2027 |
|
|
PV Satu Mare 3 / New Trend Energy S.R.L., 100% owned by ELSA |
PV |
4.1 |
62.5 MWp PV |
EUR mn 27.9 |
Q2-Q3 2027 |
|
|
onW Crucea Est / Crucea Power Park S.R.L., 100% owned by ELSA |
onW (Onshore Wind) |
4.3 |
138 MW onW 60 MWh BESS |
EUR[3] 253 mn. |
Phase 1 (~78 MW in Q4 2027) Phase 2 Q3-Q4 2028) |
Currently in the evaluation phase of bids received for the supply of wind turbines |
|
BESS Fantanele / ELSA |
BESS |
4.10 |
69.93 MWh BESS |
EUR 16.5 mn. |
Q3-Q4 2026 |
EPC contract signed, in implementation |
|
BESS Vulturu / ELSA |
BESS |
4.10 |
22.5 MWh BESS |
EUR ~25.3 mn. |
Q1 - Q2 2027 |
Details here. Non-reimbursable EU funding of up to EUR 1 mn. secured. This storage system is co-located with the Vulturu PV park, operational since July 2025. |
|
Other Standalone Storage Capacities |
BESS |
4.10 |
780 MWh |
Values to be communicated upon individual project finalization |
Under development; Q4 2027-Q2 2028 |
Grid connection permits (ATR) were obtained until the end of June 2026 for 19 projects, with a total capacity of approximately 780 MWh |
|
TOTAL |
PV |
140 MWp |
||||
|
onW |
121 MW |
|||||
|
BESS |
949,43 MWh |
Impact Report
Since the targeted projects are currently in pre-operational stages, the technical and environmental impact indicators have not yet been calculated. The expected impact indicators (installed capacity in MW, estimated annual generation in MWh, and avoided greenhouse gas emissions in tonnes of tCO2 equivalent/year) will be reported periodically following the commissioning of the respective assets
External Verification (Audit Report)
In accordance with the commitments set forth in the Green Finance Framework, for future reporting periods where funds are effectively allocated to projects based on GFC decisions, Electrica will request a limited assurance report from its external auditor.
Details regarding the July 2025 green bond issuance can be found on Electrica's website here, as well as on the webpages of the regulated markets on which they are traded.
IR Contact: ir@electrica.ro ; +40731 796 111
Chief Executive Officer
Alexandru Chirita
Chief Financial Officer
Costin Iordache
Chief Business Development Officer
Andreea Lambru
Head of Investor Relations
Raluca Kasap
[1] PV - photovoltaic park; onW - onshore wind farm; BESS - battery energy storage system.
[2] 4.1 - Electricity generation using solar photovoltaic technology; 4.3 - Electricity generation from wind power; 4.10 - Storage of electricity
[3] According to the note for the approval of the investment by the EGMS.
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