Hidroelectrica sells hydropower plant to Arges Archdiocese for RON 1.7 million

Newsroom 08/09/2015 | 17:48

State owned power producer Hidroelectrica sold Calugarita micro-hydropower plant in Arges County to Arges Archdiocese for RON 1.7 million (about EUR 380,000), according to Mediafax.

The company, insolvent for the second time, thus sold only two of the 34 micro-hydropower plants that were put on sale by auction in July this year.

“Calugarita micro-hydropower plant on the Valea lui Stan river in Arges county has been acquired by the Archdiocese of Arges and Muscel for RON 1.7 million, while the second plant, Vladesti, located in Olanesti river basin from Valcea county, was auctioned to Roski Air Service, for RON 2.2 million,” lawyer Remus Borza, the company’s insolvency administrator, told Mediafax.

The plant bought by the Archdiocese has an installed capacity of 630 kW and produces enough energy to supply 180 households. The second plant also has an installed capacity of less than 1 MW.

Hidroelectrica owns 128 small hydropower plants with an installed capacity of up to 4 MW each. The company is insolvent for the second time since February 2014, the first reorganizing having taken place between June 2012 and June 2013.

The state owned company recorded for the first half of this year a record profit of RON 725 million (EUR 163.78 million), 42 percent higher than the profit recorded during the same period last year (RON 510 million, or EUR 115.21 million).

Turnover for the first half of the year increased by almost RON 300 million compared to the first six months of 2014, reaching RON 1.851 billion from RON 1.554 billion.