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Ramona Kurko: The wind of change is already felt – the BCR group had 18 effervescent months

15 July 2021
General Interest

The market is waiting for the main legislative changes to start new investments: long-term bilateral contracts (PPAs), the Contracts for Difference (CfD) support scheme and other provisions that stimulate investors, ensuring long-term legislative stability and predictability. There are already significant movements in the market, which anticipate the “wind of change”, considers Ramona Kurko, director of the Department of Energy and Utilities, BCR.

“The wind of change is already being felt. We, the BCR group, had 18 effervescent months. There have been several M&A processes and many of the players involved are our clients, whom we have supported in these processes. We saw the first financing implemented last year in the Black Sea, where we are also a party, and we saw the first reserve-based lending in Romania (loan for exploration and production in the oil and gas industry – e.n.)”, said Ramona Kurko, during the 7th edition of the Energy Strategy Summit, an event organized by Energynomics.

“We have to celebrate what is being done. When we target 100% we tend to forget the small steps that bring us there. Last year, we participated in the second tranche of financing for BRUA, for Transgaz. We are the only commercial bank that finances the Transgaz company for investments in BRUA, and this year we expect this type of financing to continue. We are looking with great interest to the future and to green funding”, added Kurko.

In 2020, a record of sustainable funding was set – 182 billion dollars globally. “Funding of this type is not only activity-based, but it can be based on the behavior of companies, which can set goals of strategic interest on the sustainability side and on the entire ESG palette [Environmental, Social and Governance] – we are not only talking about sustainability, but also about social and governance aspects – on which performance indicators can be set”, indicators with objectives on the fulfillment of which the final cost of financing also depends.

“Erste is one of the 11 companies that have declared their commitment to green consumption. We are the only financial group in Europe that has made this commitment to green consumption. I would mention that there is also an energy group, ENGIE, which has made such a commitment. We are committed to increase the volume of funds that are declared eco-friendly by 50% over the next 2-3 years through the asset management division”, she added.

2021 Energy Strategy Summit was organized by Energynomics, with the support of Automatica, BCR, CE Oltenia, Chimcomplex, E.ON România, Electrica Furnizare, Electroalfa, EnergoBit, Enevo Group, FPPG, Greencells, Horvath & Partners, ING Bank, Hidroelectrica, MET România Energy, Nuclearelectrica, OMV Petrom, Photomate, Rolls Royce, Romgaz, Schneider Electric, Signify, Transgaz.

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