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EximBank has granted Romelectro, one of the top contractors in power engineering, a multi-product financing level amounting at 54 million lei (12.2 million euros), to be used for executing a contract concluded with Transelectrica.
Romelectro has won the the bid organized by Transelectrica for the the project of remaking the technological profile of the electric transformer station 400/220/110/20 kV Bradu, one of the important points in the Electro energetic National System ensuring the connections and power transit between the areas with electricity surplus (Muntenia and Oltenia) and the deficiently areas in Transylvania. The four years contract value amounts at more than 29 million euros.
”Winning such a bid is another confirmation of Romelectro being the local strategic partner in electrical energy projects due to its core values: competency and accountability. Now, by partnering up with EximBank we can talk about 100% Romanian project all the three entities involved in the project being fully financed by Romanian capital. We do hope that our cooperation will continue especially in the context of our reconsidering our export markets and intending to focus on going back to projects abroad.
Up until now Romanian market has offered enough space for Romelectro’s activity but we are determined to develop our business and this is why we are looking at markets such as Middle East (where Romelectro developed successful projects), Northern Africa and the Caucasian – Caspian Sea region”, said Viorel Gafita, President-General Manager at Romelectro.
The facility offered by the bank includes a financing component – covering the temporary need for cash, and a guarantee component – letters of banking guarantee for good execution and advance payments reimbursement that Romelectro needed for implementing the project of remaking the technological profile of an electric transformer station belonging to Transelectrica.
”EximBank is determined to respect its commitment toward supporting Romanian companies and, here we are extending our clients’ portfolio by signing this agreement with one of the leaders of the power engineering market. Romanian entrepreneurs, especially those active on energy market will find in EximBank full availability since this filed is one of bank’s priority domains. EximBank will continue to act for consolidating Romanian energy industry in an economic viable manner and in total accordance with Romani’s regional strategic options on medium and long term”, said Traian Halalai, president of EximBank.
