CE Oltenia entered the binding offers stage for the selection of investors interested in setting up joint ventures in order to implement 10 photovoltaic projects and develop electricity generation units based on natural gas. Interested investors are expected to submit the documents provided in the specifications for fulfilling the qualification requirements and the binding financial offer until November 29, 2021, writes Invest Energy.
On October 7, in an interview for Focus Energetic, Lăcrămioara Diaconu Pințea, member of the Board of Directors of CE Oltenia, announced that “a series of companies that are interested” have been identified, and in November it will be established with whom to go further. “These partnerships are essential for the restructuring plan to be approved, so we must work at an accelerated pace,” said Lăcrămioara Diaconu Pințea.
The projects are those included in the restructuring plan of EC Oltenia notified to the European Commission in December last year, a plan that was revised in June 2021.
- Project 1: Establishment of SPV regarding the implementation of a photovoltaic park with an installed capacity (PI) of ~ 83 MW on the closed slag and ash depots of SE Rovinari
- Project 2: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 112 MW on the closed slag and ash deposits of SE Turceni
- Project 3: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 85 MW on the closed slag and ash deposits from SE Ișalnița
- Project 4: Establishment of SPV regarding the implementation of the photovoltaic park – EMC Roșia-Rovinari (construction of a photovoltaic park with a PI of ~ 132 MW on the inner dump of Tismana – EMC Roșia – Rovinari)
- Project 5: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 128 MW on the inner dump Tismana 1 of SE Rovinari
- Project 6: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 66 MW on the outer Pinoasa dump of SE Rovinari
- Project 7: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 19 MW on the Bohorelu external dump of SE Rovinari
- Project 8: Establishment of SPV regarding the implementation of a photovoltaic park with a PI of ~ 110 MW on the inner Rovinari dump East of SE Rovinari
- Project 9: Establishment of SPV regarding the implementation of a 475 MW block on natural gas at SE Turceni that will replace an existing capacity of 330 MW on lignite
- Project 10: Establishment of SPV regarding the implementation of an 850 MW block on natural gas at SE Ișalnița which will replace block 7 and block 8, respectively, both of 330 MW on lignite
For the implementation of each project, a company with mixed capital of “Special Purpose Vehicle” (SPV) type will be set up, a Romanian legal entity, to which CE Oltenia will contribute with in-kind contribution, and the selected investor will contribute with cash contribution. For all projects, CE Oltenia submitted to the Ministry of Energy requests to be included in the project of the Modernization Fund of Romania. It is estimated that the funding from the Modernization Fund that could be obtained from each SPV set up can be up to 70% for photovoltaic projects, respectively up to 50% for CCGT projects. This type of financing is a non-reimbursable financing, specifying that the financing has not yet been approved. In this context, the selected investor will provide the additional financial resources necessary for the realization of the Project developed by the SPV in whose capital it participates in proportion to its participation quota. It is also possible for CE Oltenia to contribute with a cash contributi
on or other form of financing and / or cash.
In order for an investor to be admitted to the selection procedure, he must be a financial or strategic investor with proven experience in energy projects, namely:
- Energy field (production and / or distribution and / or supply of natural gas and / or electricity and / or services adjacent to the energy industry) (any of these); or
- Development and / or operation of energy production groups (any of them); or
- Trading in energy products (natural gas, electricity, LPG, LNG).
In addition, for an investor to be admitted to the selection procedure, it must provide a guarantee of participation as proof of financial capacity, including investment, in the amount of:
- minimum 1 million lei for investors for photovoltaic projects, for each project for which the offer is submitted; and respectively
- minimum 5 million lei for investors for CCGT projects, for each project for which the offer is submitted