The Oltenia Energy Complex will receive a rescue aid worth 251 million euro, according to GEO 12/2020, which was published today in the Official Gazette. The aid is granted by Finance, at the request of the company, from the funds obtained from privatization, after Eximbank will conduct a risk analysis of the company, to determine the level of interest that the CEO must pay. The complex must provide guarantees of 120% of the credit value, according to e-nergia.ro.

The loan must be repaid within six months, with full interest. Otherwise, the CEO must present, within three months, a restructuring plan that demonstrates the restoration of long-term viability. In this case, the Government will notify the European Commission, and this state aid will become one for restructuring, which will have to be endorsed by the Commission. If the CEO does not pay the loan, does not make the restructuring plan in three months and the Government does not send it to Bruxelles in six months, the Government undertakes to elaborate a restructuring plan of the EC Oltenia.

The company is Romania’s second-largest energy producer, with four coal-fired power plants and 11 lignite quarries, employing about 13,000 people.