Adrem Invest to put EUR 70 mln for Suceava cogeneration plant

Romanian Adrem Invest, a company specialized in industrial technical engineering, has changed building plans for the cogeneration plant in Suceava County, increasing its energy efficiency to 90 percent. The plant will be fueled solely by biomass and the whole project cost will increase from EUR 45 million to EUR 70 million.

Adrem, which celebrates 20 years of activity, will finance 20 percent of the investment cost. The company is currently negotiating with several banks to finance the rest and a deal should be sealed this May.

Adrian Bodea, Adrem president, said the plant will be finalized in 2013, and that an alterative heating solution will be found for Suceava citizens for the next winter.

“At Suceva, there are several logging areas that can supply waste from wood production as biomass for our plant,” Corneliu Bodea, vice-president of Adrem told BR.

Under the current renewable support scheme, two green certificates are granted for every 1MW generated from biomass, but the uncertain economic situation across Europe may impact the generous support program.

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“Spain blocked the support scheme for renewable sources due to the crisis, which scares me because when we invest EUR 70 million in a plant with investment recovery in 15 years, you need to have somewhat a safety,” Bodea told BR.

The engineering company is also developing two solar parks of 10MW each in Buzau and Alba counties and intends to sell them once building works are finalized. Solar is granted 6 green certificates under the current support scheme.

Adrem has divisions for process engineering, SCADA and automatisation, integrated services and renewable energy, with a turnover of RON 120 million. The company has 730 employees but another 70 people will be employed by end-2012.   

Ovidiu Posirca