Romania’s largest electricity producer Hidroelectrica has repaid an investment loan of EUR 75 million contracted from Citibank International in 2009, the company announced.

This year, the state-owned company closed several investment loans and credit lines worth some RON 231 million (over EUR 52 million), contracted from ING Bank (RON 31 million), Alpha Bank (RON 80 million) and Banca Transilvania (RON 120 million). In April 2014, Hidroelectrica also prepaid an investment loan of EUR 11 million granted by the European Bank for Reconstruction and Development (EBRD).

Since it entered insolvency two years ago, the company’s amount of financial debt to banks decreased from EUR 841 million at June 20, 2012, to EUR 216 million at the end of June this year. Another EUR 39 million in investment loans is to be repaid by the end of the year, according to the company.

Hidroelectrica ended the first five months of the year with a gross profit of RON 401 million (some EUR 90 million).

The state is the majority shareholder of the company. Hidroelectrica re-entered insolvency at the beginning of this year.

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