Hidroelectrica to invest RON 377 million this year

Newsroom 29/04/2014 | 17:23

Hidroelectrica, while still insolvent, planned investments of RON 377 million (EUR 85 million) for 2014, meant especially for updating technology and “historical” products. The company will finance its own investments, and the difference will be covered with bank loans, according to a report from Euro Insol, the power producer’s administrator.

In total, RON 132 million will be spent on technology and RON 146 million on historical works.

Gabriel Dumitrascu, head of Privatization in the Energy Department and special Hidroelectrica administrator, said in February that the energy producer will have to spend RON 700 million for hydrotechnical works that could produce only a minucusule amount of energy, after previously investing RON 800 million in the same direction.

Razvan Nicolescu, delegate minister for Energy, said last week that he hopes Hidroelectrica will exit insolvency by the end of the year, while Grzergorz Koczniekczy said on Monday that the Hidroelectrica listing will probably be postponed until 2015.