Romanian electricity distribution and supply group Electrica (EL), where the Government is the biggest shareholder (48.8%), will set up a subsidiary to handle the group’s investments in the renewable energy generation and storage area, Economica.net reported.

The mission of the subsidiary would be to develop wind farms and photovoltaic parks with a total installed capacity of 400MW as well as power storage facilities with a total capacity of 100MW.

The group’s shareholders are invited in August to approve management’s plans.

Last September, Electrica Furnizare, a subsidiary in Electrica group, paid EUR 1.62 mln and also took on EUR 3.82 mln in existing loans, to Cyprus-based Raylexo Limited and local firm Long Bridge Management si Administrare, for a 7.5 MW (6.8 MW operating capacity) PV plant located in the southern part of the country (Stanesti).

Electrica also approached Canadian group Jade Power Trust when it announced last year plans to sell its Romanian assets - wind farms and solar parks, including the 45 MW Dorobantu wind farm (eastern Romania) developed by OMV Petrom and later sold to the Canadian group.

(Photo: Forin Brezeanu | Dreamstime.com)

andrei@romania-insider.com