Lender Garanti Bank has granted a refinancing loan of some EUR 10.3 million to private power supplier Tinmar, for a 10 MW photovoltaic power plant in Giurgiu county, southern Romania.

The power plant is part of a 18.5 MW solar park opened in June this year, which is one of the largest in the country.

The loan refinances 70 percent of the total investment of EUR 15 million and it was granted for a period of almost 10 years, according to the bank.

“In the first three quarters of 2013, we have noticed an increased appetite for loans in the corporate segment,” said Cagri Memisoglu, Deputy General Manager Garanti Bank.

In the first nine months of 2013, the bank has granted loans of over EUR 50 million to corporate customers for green energy projects, added Memisoglu.

The project has been developed in Romania’s Giurgiu county, Bucsani village, on a surface of 24 hectares. The installed capacity of the photovoltaic power plant is 10 MW and consists in 41,624 photovoltaic panels.

Garanti Bank, part of Garanti Group Romania, is owned by Turkiye Garanti Bankasi A.S. In the first nine months of the year, Garanti Group Romania more than doubled its net profit when compared to the same period last year , to some EUR 26.3 million.

Garanti Bank’s net profit hiked to EUR 21.5 million in the first nine months of 2013, more than three times higher than the same period last year.

Irina Popescu, irina.popescu@romania-insider.com