ESPE Energia, the local subsidiary of Italian energy group ESPE, plans to build new small-hydro plants in western Romania, said Lucian Ghidarcia, CFO of the energy company, during the first day of the Foreign Investors Summit (FIS), organized by Business Review magazine.
The company has already put EUR 30 million in five small-hydro plants, which are located in Maramures County.
Ghidarcia stated that financing for new renewable projects is tough, given the changes in the renewable legislation in the past two years, referring mainly to the deferment of some green certificates through to 2017-2020.
“At present renewable investors have to option to back their investments on their own, because at present we are in a situation in which the projects are on the line, meaning that for instance our brake-even estimations is optimistic. Secondly to find a long-term partner that would be able to finance projects and to renegotiate with banks a rescheduling of payment for these loans, but financing of over 15 years are hard to get and at (e.n high) costs,” said the CFO.