Romania: Titan Power capital increase, SEE Energy News
Shareholders of state-controlled company Titan Power are currently developing the documentation required by law, which will be presented for analysis to the Competition Directorate General of the European Commission, but also to the Romanian Competition Council, regarding the increase of the company’s share capital by 29 million euros.
The funds will be used for the construction of a new combined heat and power (CHP) plant in the Titan district of Romania’s capital.
Titan Power is controlled by the State Assets Energy Management Company (SAPE), which holds 99 % of the shares, with the rest being owned by Electrocentrale Group. Both shareholders of Titan Power are wholly owned by the Ministry of Economy and Energy.
According to the proposal, SAPE will contribute some 20 million euros in cash, while Electrocentrale Group will contribute in kind, with the land on which the new plant will be built. The land, together with the accompanied buildings, is valued at over 9 million euros.