Romania`s Turceni power complex will borrow EUR 170m from EBRD for upgrading works
Romania's Turceni power complex and the European Bank for Reconstruction and Development (EBRD) will sign a contract for a 170 million euro loan, which will be used to revamp the group 6 of the complex, declared Ionel Mantog, president of the negotiation commission, Monday.
The quest to obtain financing for two groups of the complex began in 2006. Negotiation with EBRD were resumed in February 2009 for only one group.
The company's officials say they will contract more loans in the future both to revamp group 3 and to invest in mining activities.
The Turceni power complex scored a net profit of 18 million lei in the first half of the year, almost five times smaller comparing to the similar period last year and production decreased by about 24 percent, due to the reduction in the national power consumption.
The turnover also decreased by 11.3 percent in the mentioned interval, from 591 million lei last year to 524 million lei.
CE Turceni includes the Turceni thermal power plant, with an installed power of 2,640 MW, the Jilt Sud and Jilt Nord quarries and the Tehomir mine. It covers over 11 percent of the power used countrywide. The main shareholder is the Economy Ministry.
The three power complexes in the southern region of Oltenia (Turceni, Rovinari and Craiova) supply together about a third of Romania's power production and stand as the cheapest producers in the country, after Hidroelectrica and Nuclearelectrica.