The Kazakh-Romanian Energy Investment Fund (FIEKR) has successfully closed 83 million euros syndicated loan for financing the construction of a new cogeneration plant on the Petromidia refinery platform.
The financing banks are Banca Comerciala Romana as mandated lead arranger, bookrunner, documentation, facility and security agent, together with Raiffeisen Bank Romania, Raiffeisen Bank International, Alpha Bank Romania, OTP Bank Romania, OTP Bank Plc and Garanti Bank Romania as mandated lead arrangers.
Installed capacity of the new plant is 80 MW, of which about 60-70 MW will fully cover the electricity needs of the Petromidia platform. It will also provide technological steam of up to 180 tons per hour and hot water for the heating system of the town of Navodari – up to 20 MW per hour. The surplus electricity generated by plant will be sold on the Romanian market and will provide additional revenues for the company. The estimated deadline for putting into operation the cogeneration plant is July 2023.
The loan represents over 65 % of the amount, necessary for implementing the investment project, estimated at a total value of 148 million dollars. The loan has a grace period until January 2024, six months after commissioning of the plant, and the maturity of five years.
In 2020, FIEKR has signed the EPC (engineering, procurement and construction) contract for the turnkey construction of a cogeneration plant on the Petromidia platform with Turkish Calik Enerji. The construction of the plant started last May.
FIEKR is 80 % owned by Kazakh KMG International while the Romanian state holds the remaining 20 % through SAPE.
