Romania’s distribution and supply company Electrica Group has taken over five solar power plants with an installed capacity of 31 MW. The company paid EUR 35 million for the photovoltaic facilities.
The solar power plants were operated by TCV Impex, ACV Solar Technology, TIS Energy, Delta & Zeta Energy and Gama & Delta Energy. Electrica Group has purchased 100 percent of the shares in MT Project and HiTech Solar, which own them, local media reported.
The provisional value of the transaction is EUR 35 million, but the final price will be determined after all details are confirmed.
Electrica’s goal is to have a 400 MW renewables portfolio
Electrica will finance the acquisition with a EUR 152 million loan which will be secured from a consortium led by Erste Bank and Raiffeisen Bank, and from its own funds.
The company’s strategy is to invest in the production of renewables. In June, Electrica announced the decision to establish a subsidiary for the 400 MW renewables’ portfolio, together with 100 MW in batteries.
In July, the company bought wind, and solar projects with an installed capacity of 207 MW from renewable energy developer Monsson.
The majority shares of the company are in hands of private companies, EBRD, legal entities, and individuals, while 49 percent is owned by Romania’s government. Electrica is one of the six distribution system operators (DSOs) in R0mania, and also a supplier of electricity and gas.