Electrica (ELSA) shareholders approved on Wednesday and Thursday new documents on the agenda of the Extraordinary General Meeting (AGEA) through which the company will finance itself with 8.7 billion lei through syndicated bank loans and, at the same time, will build a new power plant dedicated to the Ford Otosan factory, an investment of 235 million euro, according to documents consulted by Energynomics.

The 8.7 billion lei (about 1.65 billion euro) will be used for investments at the group level.

For the Craiova project, dedicated to new facilities for Ford, ELSA is expected to contract loans in the amount of up to 250 million euros “in order to finance the investment works necessary to complete the energy capacities”. The project consists of the construction of “electricity and thermal energy production capacities, auxiliary and related equipment/capabilities, internal electrical network, electrical transformation station, land fencing, ensuring thermal energy for SACET Craiova (“Objective 1” – CET SACET) and ensuring thermal energy for heating and technological processes for the industrial consumer FORD OTOSAN ROMANIA”, according to an EGMS decision.

At the same time, another EGMS decision mandates ELSA to centralize “the existing credit facilities at the level of ELSA and its subsidiaries Electrica Furnizare (“EFSA”), Distribuție Energie Electrică Romania SA (“DEER”) and FISE Electrica Serv SA (“FISE”), with the exception of non-cash facilities whose total value is to be established during the centralization process, by contracting by ELSA a loan/loans from one or more commercial banks/syndicates of banks/international financial institutions, in a total amount of up to RON 8.7 billion (each called “Credit Agreement” and together “Credit Agreements”) and the establishment of related guarantees”, the decision states.

“When establishing the ceiling, the credits were taken into account as they are highlighted in the simplified consolidated interim financial statements as of and for the three-month period ended March 31, 2026”.

The document also provides for “the mandate of the Board of Directors of ELSA to grant the mandate to the ELSA representative in the EGMS of the subsidiaries DEER, EFSA and FISE, given ELSA’s quality as the majority shareholder of DEER, EFSA and FISE, to express the vote regarding: a) the credits that will be included in the process of centralizing the credits from the subsidiaries to ELSA and, if applicable, also the existing guarantees, as well as the non-cash facilities exempted from centralization and the exempted value; b) guaranteeing by subsidiaries of the Credit Agreements that will be concluded by ELSA within the credit centralization operation, if applicable, for the guarantees whose approval competence lies with the subsidiary’s EGMS; c) contracting intra-group loans between ELSA and subsidiaries and/or other mechanisms for the transfer to subsidiaries of the debts taken over by ELSA following the credit centralization process and the establishment of the related guarantees, for the guarantees whose approval competence lies with the subsidiary’s EGMS”.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.