The Extraordinary General Meeting of Shareholders (EGMS) of Electrica approved the participation of Electrica SA (ELSA), together with the Subsidiary Company for Maintenance and Energy Services Electrica Serv SA (FISE), in the establishment of a new legal entity – Electrica Producţie Energie S.A.
The new subsidiary Electrica Producţie Energie will deal with the acquisition and development of electricity generation projects from renewable sources, respectively the operation of energy generation capacities, cumulated with the development and operation of independent storage solutions that the company intends to develop in the future, the company announced.
According to the strategy for the period 2019-2023, Electrica aims to expand in related fields and obtain synergies with the fields in which it operates, as well as to increase performance and strengthen the sustainability of economic results. These growth targets have been addressed by the inorganic growth projects carried out in the last two years, one of which has been successfully completed, while others are currently underway.
In addition to the acquisition of the Stănești Photovoltaic Park, in Giurgiu County, Electrica has taken an important step towards implementing the group’s strategy of upstream integration of activities, by investing in renewable energy production capacity projects, by involving other three project companies that are developing a portfolio totaling an installed capacity of 207MW, composed of two photovoltaic parks in the Satu Mare area and a wind farm, which also includes an electricity storage capacity in the Dobrogea area.
In order to ensure an increased agility, which allows the optimal use of opportunities, Electrica has proposed the development of a portfolio of electricity generation capacities from renewable sources with a cumulative capacity of 400 MW, in parallel with storage capacities of electricity with an installed capacity of up to 100 MW.
“We remain consistent in our goal of creating medium and long-term value for investors and, in the context of profound and rapid changes in the energy market, we have proposed to our shareholders the establishment of this subsidiary dedicated to projects in the field of electricity generation technologies from renewable sources. The extension of Electrica’s upstream activities will allow the development of the Group in the directions pursued by the approved strategy, as well as the consolidation of future revenues obtained from electricity generation, with beneficial effects on the company’s profit. In the context of the developments regarding the electricity storage solutions, the generation technologies from renewable sources represent a viable solution from a financial point of view, especially since the Romanian energy market is facing a supply deficit,” says Corina Popescu, general manager, Electrica.
Also, within the EGMS, the shareholders approved the establishment of the Electrica Foundation, an independent organization, established in order to get involved in social responsibility activities throughout Romania.
