Electrica SA signed a financing agreement worth 750 million lei with Erste Group Bank AG and Raiffeisen Bank Romania for the expansion of its electricity value chain, “especially in terms of electricity production, with an increased focus on production in renewable sources and value-added services ”.
The financing has a maximum duration of two years, and at the end of this period, Electrica, in agreement with the financing banks, has the option to issue a bond for refinancing the facility or to transform the financing into a loan with full repayment for 5 years. For this credit facility, Erste Group and Raiffeisen Bank Romania are co-financiers equally, and Banca Comercială Română, the Romanian subsidiary of Erste Group, acts as a Guarantee and Payment Agent.
“The agreement allows us to finance projects in the renewable energy production sector, both in the operating area and in the greenfield area, and is also a reaffirmation of our commitment to contribute with our own efforts to meet the environmental objectives of the European Green Deal”, says Corina Popescu, general manager of Electrica SA, in a press release.
“Banca Comercială Română is one of Electrica’s main partners and actively supports the development of the group’s product and service portfolio, and the syndicated credit facility, offered by Erste Group, comes to strengthen this collaboration,” said Ramona Kurko, Head of Energy and Utilities, within BCR.