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.
Last September, Electrica Furnizare has closed the acquisition of 7.5 MW Stanesti solar power plant. The company acquired all shares in the plant’s operator Long Bridge Milenium from Cyprus-based company Raylexo Limited and local company Long Bridge Management si Administrare for 1.62 million euros. Moreover, it took over the loans obtained by Long Bridge Milenium in total amount of 3.82 million euros.
