CPP develops the Crucea Est wind farm project, which has an authorized installed capacity of 138 MW and a projected electricity storage capacity of 60 MWh (15 MW x 4h). It is located outside the Crucea commune, Constanta County. The project is under the “ready-to-build” phase.
According to the report, 138 MW represents the designed installed capacity mentioned in the Grid Connection Permit. Depending on the type of turbines (and the installed unit power per turbine) that will be selected, this capacity may vary, but it will not exceed the installed power approved in the Grid Connection Permit. The selected storage batteries have an installed capacity of 15 MW with a charge/discharge duration of 4 hours (60 MWh) for profiling and balancing.
“On 17 September 2024, we announced that CPP was among the winners of the first round of the Auction for the State Aid Scheme in the form of Contracts for Difference (CfD), with an allocated installed capacity of 54.0 MW, at a price of EUR77.3250/MWh. Therefore, the transaction aligns perfectly with Electrica Group’s strategic objective of developing its electricity production segment and it highlights our dedication to contributing to the development of Romania’s energy sector and supporting national energy transition goals,” stated Alexandru Chirita, CEO of Electrica.
Electrica informed the capital market on July 28, 2021 about the signing of the sale-purchase agreement for 100% of the shares of Crucea Power Park SRL through current reports published at the Bucharest Stock Exchange and the London Stock Exchange.
As stated in the documents made available to shareholders in the above-mentioned EGMS, the initiation of the investment will only take place after Electrica fully acquires 100% of the shares of CPP, and the funds necessary for the loan agreement will be secured by Electrica from the syndicated credit facility and bond issuance, approved through Resolution no. 2 of the Extraordinary General Meeting of Shareholders (EGMS) of November 8, 2024, or from other sources.