Hidroelectrica receives EUR 110 million from EBRD

Newsroom 12/07/2011 | 15:58

Hidroelectrica SA, the largest electricity producer in Romania, will receive a EUR 110 million loan for the rehabilitation of six hydropower units at Stejarul Bicaz HPP. The European Bank for Reconstruction and Development (EBRD) will provide EUR 70 million of the total financing, with EUR 40 million being syndicated via commercial banks – Erste Bank and Caixabank.

The rehabilitation will ensure a new life cycle for the entire power plant of at least 30 years, according to the EBRD website. The total project cost is estimated at EUR 136.9 million. The 210 megawatt facility initial project was conceived, designed and structured by Romanian scientist Dimitrie Leonida, in 1908.

Global law firm White & Case has assisted Hidroelectrica SA in the process of accessing the loan.