The Energy Share Management Company – SAPE S.A. and Titan Power S.A. signed the financing contract of approximately 289 million lei with the banking syndicate formed by CEC Bank and Exim Banca Românească, for the construction project of the new Titan CHP, the company announced.

The financing contract marks a decisive stage in the development of the project and ensures a substantial part of the financial resources necessary for the acquisition of equipment and the execution of construction works for the new high-efficiency cogeneration plant.

The investment is carried out by Titan Power S.A., a project company majority owned by SAPE S.A. and minority owned by Electrocentrale Grup S.A. – ELG S.A.

“CET Titan, the first CET built in Bucharest after 46 years, is under construction and has obtained the necessary financing. The signing of the financing contract for CET Titan Bucharest represents a decisive moment for a strategic project that I have constantly supported, from various positions of public responsibility, over the last decade. (…) CET Titan will be the first district heating power plant built from scratch in Bucharest after 1979. We are talking about an investment that will produce electricity and heat in high-efficiency cogeneration, strengthen the energy security of the Capital and contribute to improving the supply of heat, especially in the deficient areas of sectors 2 and 3”, declared Sorin Chiriță, member of the SAPE Directorate.

The new plant will contribute to increasing the energy security of the Capital, to the efficient use of energy resources and to reducing the impact on the environment, by using modern high-efficiency cogeneration technologies. At the same time, CET Titan opens the prospect of developing a new generation of power plants, based on a model that can be replicated in other cities in Romania, to support a safe, efficient and competitive energy system.

“The financing of approximately 289 million lei, provided by the banking syndicate formed by CEC Bank and Exim Banca Românească, confirms the technical and economic viability of the investment. From now on, our obligation is very clear: investment discipline, compliance with deadlines, rigorous cost control and commissioning of the power plant in safe and performance conditions. CET Titan demonstrates that the Romanian state can develop major energy investments when there is vision, continuity and responsibility. It is a model that can be replicated in other areas of Bucharest, as well as in other cities in Romania. For SAPE, this is just the beginning of a larger investment phase, oriented towards production, cogeneration, renewable energy, storage and critical energy infrastructure”, added Sorin Chiriță.

Electrocentrale Grup S.A. is in the process of merging by absorption with SAPE S.A., the latter having the quality of absorbing company. SAPE S.A. and Electrocentrale Grup S.A. are companies under the coordination of the Ministry of Energy.

The project represents the first district heating power plant built from scratch in Bucharest after 1979.

Upon completion of the investment, the plant will produce approximately 400 GWh/year of electricity in the grid, which will be delivered to the electricity distribution network and the National Energy System.

The plant will also supply approximately 200 GWh/year of thermal energy to the Centralized Thermal Energy Supply System of the Municipality of Bucharest – SACET, contributing to increasing the security of thermal energy supply in the deficient areas in sectors 2 and 3 of the Capital.

At the same time, the project is designed to allow, in the future, the use of low-carbon fuels, including natural gas and hydrogen mixtures, depending on the evolution of technologies and the national and European regulatory framework.

The first stage of the investment was completed by demolishing the existing structures and carrying out the works to prepare and improve the foundation land. Currently, the preparatory activities necessary to start the construction of the new facilities are underway.

The estimated duration until commissioning is approximately 14 months, depending on the evolution of the works, the fulfillment of contractual obligations and the completion of the testing and authorization stages.

Factory Acceptance Tests (FAT) have already been started for the main technological equipment that will be installed in the new power plant, confirming that the project has entered an advanced stage of technical implementation.

At the same time, the investment can be a model for the development of future cogeneration plants at sector level, with capacities of approximately 50 MW. This concept can be replicated in other localities in Romania, to modernize the infrastructure, increase energy efficiency and strengthen national energy security, the press release states.

In parallel with the CET Titan project, SAPE aims to modernize its own capacities for producing energy from renewable sources, install storage systems and develop new investments in energy infrastructure.