Romania, Electrica acquires 77.5 MW solar project

, SEE Energy News

Romanian electricity supplier and distributor Electrica announced that it has signed an agreement for the acquisition of a project company, which is developing a 77.5 MW solar power plant, with Monsson Group.

Electrica will acquire 100 % ownership of the company Foton Power Energy, which is developing 77.5 MW Bihor 1 solar power plant near Oradea. Electrica will pay 4.2 million euros for the project company.

In this transaction, the Electrica Group was assisted by a team of consultants from the law firm Tuca, Zbarcea & Asociatii together with Ernst & Young.

Earlier this week, the Romanian Government, which holds 49 % stake in electricity supplier and distributor Electrica, has blocked the company’s plans to purchase a set of five solar power plants with combined installed capacity of 31 MW. At the shareholders meeting held on 8 December, the private shareholders have backed the management’s acquisition plan, but the Government representative voted against it.

In October, Electrica said that it will acquire five companies that operate solar power plants for some 35 million euros. The sellers are MT Project and HiTech Investment, which jointly own 100 % capital in these five companies. The five solar power plants have combined installed capacity of 30.95 MW. The transaction will be financed from a bridge loan in the amount of up to 150 million euros, which Electrica will contract from a consortium of banks formed by Erste Bank and Raiffeisen Bank and/or from its own funds. The five companies in question are: TCV Impex., ACV Solar Technology, TIS Energy, Delta & Zeta Energy and Gama & Delta Energy.