TERNA-Alstom JV selected for railway modernization in Romania

By Global Infrastructure Sherpa · Feb 16, 2026

Development Transport announced Romania Feb 16, 2026

EUR1B

Deal Value

development

Stage

A joint venture comprised of TERNA and Alstom Romania has been selected as the contractor for two large-scale railway modernisation schemes in Romania, valued at approximately 1 billion EUR. TERNA holds the controlling interest in the partnership.

Deal Analysis

The selection of the TERNA-Alstom Romania joint venture for two railway modernization schemes in Romania, valued at approximately EUR 1 billion, represents a significant infrastructure development project. TERNA, an Italian electricity transmission system operator, holds the controlling interest, indicating a strategic diversification into the transport sector. This project aims to modernize Romania's railway infrastructure, with CFR acting as the buyer, suggesting a government-backed initiative to improve national transport capabilities. The deal's announcement in 2026 suggests a forward-looking approach to infrastructure investment. The size of the deal, at EUR 1 billion, underscores its importance to the Romanian infrastructure landscape. The involvement of TERNA, a major European TSO, and Alstom Romania, a key player in the railway sector, lends credibility and expertise to the project. This partnership leverages TERNA's project management capabilities and Alstom's railway technology expertise. Successful completion of this project could significantly enhance Romania's railway network, facilitating improved connectivity and economic growth. The deal's development type suggests a greenfield or brownfield project requiring significant construction and engineering efforts.

EUR 1 billion railway modernization project in Romania.
Joint venture between TERNA (controlling interest) and Alstom Romania.
TERNA's diversification into the transport sector.
Government-backed initiative through CFR involvement.

Market Context: Romania's transport sector is undergoing modernization efforts to align with EU standards and improve connectivity. Railway infrastructure is a key area of focus, with significant investment needed to upgrade existing networks and expand capacity. This deal reflects the ongoing demand for infrastructure development in the region.

Source Intelligence

KEY DETAILS

The delivery timetable provides for a 12-month design and study phase, followed by a 36-month construction period.

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Deal Size

A joint venture comprised of TERNA and Alstom Romania has been selected as the contractor for two large-scale railway modernisation schemes in Romania, valued at approximately 1 billion EUR.

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Location

Under the agreement, the consortium will carry out the design and full rehabilitation of two sections of the Craiova–Drobeta Turnu Severin–Caransebeș corridor.

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Announcement

Published: 16 Feb 2026

PARTIES MENTIONED IN SOURCE

TERNA contractor

"A joint venture comprised of TERNA and Alstom Romania has been selected as the contractor for two large-scale railway modernisation schemes in Romania, valued at approximately 1 billion EUR."

Alstom Romania contractor

"A joint venture comprised of TERNA and Alstom Romania has been selected as the contractor for two large-scale railway modernisation schemes in Romania, valued at approximately 1 billion EUR."

CFR buyer

"The awards were made by Romania’s state rail infrastructure manager, CFR, following a competitive tender process."

GEK TERNA parent company

"TERNA is the construction subsidiary of Greek infrastructure group GEK TERNA."

high quality Enriched Feb 19, 2026