Electrica has started diversification – the subsidiary Electrica Furnizare has completed the acquisition of the Stănești Photovoltaic Park

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Bogdan Tudorache

Electrica started the diversification process, by taking over a 7.5 MW photovoltaic park, according to a report of the company presented to the Stock Exchange.

”We want to develop a mix of generation, with wind, solar and gas. Gas is an element of transition, until storage solutions will be able to ensure the balance of this portfolio, which is unpredictable. These are combined cycle gas (CCGT) plants that produce electricity. We try to optimize everything at Group level, in order to consolidate it based on what we have today. In the long run I also see a division of R&D, storage, hydrogen, but these are projects for when the situation is very stable. In order to stabilize the situation, in order to be able to grow later, we need an integrated development. We really need production, we have entered the gas supply, we have a license and we want to become more active, especially with the liberalization of the market, which is a good opportunity,” CEO Corina Popescu previously told energynomics.ro.

”Electrica informed the shareholders and investors that Electrica Furnizare S.A., part of Electrica group, has closed the acquisition from Raylexo Limited and Long Bridge Management si Administrare S.R.L. of the Stanesti Photovoltaic Farm in Giurgiu County, with an installed capacity of 7.5 MW (operational power limited at 6.8 MW), project held by Long Bridge Milenium S.R.L. The purchase price of the shares is EUR 1,617,940, which may be adjusted on the basis of the share purchase agreement in view of the financial results at the time of closing of the trial balance as at 31 August 2020,” company officials say.

”Amongst various elements of the transaction, we also note that Electrica Furnizare S.A. has taken over the loans granted by the former shareholders of Long Bridge Milenium S.R.L. to the acquired company, in total outstanding amount of EUR 3,817,749.48. This transaction is the first step towards the envisaged target of vertical development of – Electrica group by entering the market for electricity generation, in particular from renewable sources, by acquiring wind and photovoltaic farms,” shows the report.

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