Adrem Invest Invests EUR60M In Suceava Thermal Power Plant

05.11.2011 ZF English

Adrem Invest, a family business started in the early '90s by two brothers in Bucharest, will complete a EUR60-million station in Suceava in 2014, the first electrical and thermal power generation project of the company, which is particularly known for the contracts it has with CEZ and E.ON.

The investment is operated in the context where a consortium made up of Termica Suceava, Suceava mayoralty and the local council tendered a project for the construction of a new station through attracting private investors, with the location being the current CET Suceava.

The state contributes the land and some equipment, while Adrem Invest will bring the money, with the company set to be the owner of the new station. Thermal power will go to the city and the electrical power will be sold by Adrem Invest on the free market, with the company set to take over around 100 of the 500 employees of the old thermal power station in Suceava.

"We were the only bidders and decided to enter this project for several reasons. First, winters are long in Suceava, lasting for over six months. Secondly, the city has a heating system with small transport distances, therefore entailing small losses. (...)," said Adrian Bodea, chairman and founder of Adrem Invest.