“This partnership will offer ALRO the opportunity to diversify its business model, as the security of supply for electricity is a must for the aluminium industry and will support the Group’s long-term development plans in a very challenging business environment”, said Marian Nastase, Alro Chairman.
Under the terms of the tender announcement, CEO and ALRO will negotiate the establishment of a SPV that will build the 850 MW natural gas power plant, subject to the both companies’ corporate approvals. This will replace two old coal-fired blocks of 315 MW each.
Alro has a capitalization of almost RON1 billion. Its shares have dropped by 24% in 2022.
“While this is a very complex endeavour, we are confident we will be successful, having a strong partner, CEO, that understands the new realities of the energy market and demonstrates it knows how to adapt to them”, added Marian Nastase.
The aluminum producer posted net profit worth RON15.3 million in 1H/2022, compared with RON47.5 million losses in the year-earlier period, while revenues went up by 39% to RON2.1 billion.
(English version by Catalina Apostoiu)