Electrica faces a cash deficit due to investments, so it borrowed 320 million lei (about 71 million euro) from BRD.

”Electrica SA signed with BRD – Groupe Societe Generale three blocked account pledge agreements related to the credits granted to the distribution subsidiaries,” reveals a release sent to the Bucharest Dtock Exchange.

”On 17 October 2016, Electrica SA signed with BRD – Groupe Societe Generale three blocked account pledge agreements related to the credits granted to its distribution subsidiaries – Electrica Distributie Transilvania Nord, Electrica Distributie Transilvania Sud si Electrica Distributie Muntenia Nord.

The value of the three blocked account pledge agreements is equivalent to the total value of the credits granted to the distribution subsidiaries to finance the cash shortage resulting mainly from the investment activity, namely RON 320 million,” says the release.

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.