Romenergo Offshoot To Invest EUR80M In Energy Projects By 2015

05.25.2011 By Andrei Circhelan

The Bucharest-based Romenergo group created an energy production firm that will invest more than EUR80 million over the next five years, group general manager Dragos Bilteanu told MEDIAFAX.

"We have created a new company, Romenergo Generare, with only one field of activity - power generation. This firm will mainly unfold renewable energy projects through micro-hidropower plants, but there will also be a project for high efficiency co-generation, which was started three years ago," Bilteanu said.

The new firm will bring together the micro-hydropower units already owned by the group, which are currently being upgraded, but especially new projects.

A first greenfield project is currently under development in northern Romania, on the river Zagra.

It requires an investment of EUR3.8 million in three micro-hydropower plants which will have a cumulated capacity of 1.4 MW.

"The target would be for the company to have an investment budget of EUR80-100 million over the next five years," Bilteanu added.

The money for investment would come from the company's own resources, as well as from financers and potential partners wishing to invest in various stakes.

Romenergo is a general contractor of energy projects, but it is also active in energy production, distribution and supply. The group is owned by Cyprus-registered Romenergo Holdings.