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CITR: CET Arad – 8 million euro loan, wants to sell mainly electricity

27 February 2020

Bogdan Tudorache

Under the guidance of CITR, part of Impetum Group, Arad Electric Power Plant (CET Arad) continues its reorganization strategy, accessing a substantial financing of approximately 8 million euro, offered by AOT Energy, a global energy trader, the insolvency company says. CET Arad, previously focused on thermal energy, aims to achieve, according to the strategy being implemented, revenues from the sale of electricity of 70% of the turnover.

This amount represents the maximum capital that CET can unlock for the financing of the raw material needed for the operational activity during 2020.

CET Arad has already benefited from 3 million euro for the purchase of the gas needed for the production of thermal energy and electricity for January, and in the near future will benefit of another 2.5 million euro for the guarantees related to the contract for the rental of a new 14 thermal motors and for the production of electrical and thermal energy related to these engines.

The financing is part of the strategic plan developed by CET Arad together with CITR and the main creditors in order to regain the company’s profitability and is the second important step taken in four months. “We are pleased to see the evolution of CET Arad in just one year since it resumed its activity and after a full year of pause, which it quickly recovered. The favorable point reached by the company shows that, through support and guidance, an insolvent business has every chance to regain its value in the market,” said Silvana Șermer, Managing Partner, CITR Timisoara.

The main benefits of the investment are the optimization of the production capacity of CET Arad, the improvement of the reaction time, the efficiency and, above all, the increased flexibility of the company, in order to obtain the approvals for the provision of balancing services in the National Energy System (SEN).

At the end of last year, also under the guidance of CITR, CET Arad made an investment of 500,000 euro from its own sources, for the modernization of the electricity and thermal power turbine in use, an investment that has already passed the technical tests and is operating in optimum conditions.

As part of the reorganization and approvals strategy for the provision of balancing services in SEN, CET Arad plans to create an aggregate unit, consisting of generating modules equipped with thermal motors that operate in high efficiency cogeneration, state-of-the-art thermal motors having a total installed electrical power of 21 MW, working together with a 2 MW storage unit with Lithium-Ion batteries.

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