Hidroelectrica has invested more than 270 million euro in the period 2012-2014 in financing new capacities of electricity production and for the period 2015-2020 has allocated an investment budget of over 1.3 billion euro, company officials say.
“We are witnessing a paradigm shift in terms of financing investment projects at Hidroelectrica. We have suspended, canceled or significantly reduced budget allocation for those investments started before 1989 and where the energy component has a secondary role, prioritizing the financing of power plants refurbishment”, said Remus Borza, the representative Euro Insol , the Legal Administrator.
“We start now works at Stejaru HPP refurbishment at a cost reduced by 35 million euro compared to the initial procedure initiated in 2012 with the EBRD financing. The price difference is due to the implementation of the Legal Administrator of cost optimization measures, the correct determination of the estimated value of the investment, and not priced 3 to 8 times higher than the market, as was the practice until the company’s entry into insolvency”, Borza said.
Thus, of the 1.3 billion euro, 450 million euro is allocated to projects in progress (Racoviţa, Bretea, Răstoliţa, Siriu-Surduc, Dumitra-Bumbeşti). Around 305 million euro in revamping the 4th largest hydroelectric capacity: Stejaru (with a capacity of 210 MW), Vidraru (with an installed capacity of 220 MW), Râul Mare Retezat (with an installed capacity of 335 MW), Mărişelu (capacity installed 220 MW) and modernization of hydro aggregates; and 240 million euro in capitalization maintenance works.
Nearly 300 million euro will represent investments in new production from renewable sources (wind, solar, biomass).
