“Approval of the mandate granted to the representative of ELSA, considering the capacity of Electrica as a 60% shareholder in Crucea Power Park S.R.L. (“CPP”) to participate to the Shareholders’ Meeting of CPP and to express a favorable vote (“for”) regarding the approval of the investment project undertaken by CPP – Crucea Est wind farm “Construction of a wind farm, medium voltage electrical network, park -electrical transformer station, underground 110 KV line, land fencing, and connection to the National Energy System (SEN) (main transformer station 110KV/400KV), connection to airline electrical network 400KVA, reinforcement works & Installation of battery electricity storage capacity” – in Crucea and Pantelimon communes, Constanta County (Crucea Est wind farm), with a total investment value of up to 253,000,000 EUR, excluding VAT, and the approval of the initiation of the implementation of the investment,” the report reads.
According to thre report, shareholders are also expected to approve the following: “4.1. the granting of a Shareholder Loan by Societatea Energetică Electrica SA (“ELSA”) to Crucea Power Park SRL, in the amount of up to 253,000,000 EUR (the equivalent in RON at the exchange rate of the National Bank of Romania on the date of the loan agreement), for a period of up to 12 months, for the purpose of financing the investment works needed for the construction and operation of the “Crucea Est” wind farm – The Crucea Est Wind Farm Project; 4.2.the mandate of ELSA’s Board of Directors (“The Company”), within the limits of the approved value ceilings, in the name and on behalf of ELSA, to take to following actions: a) to represent it with full powers in front of Crucea Power Park SRL and any third parties or affiliates in connection with the operation indicated at item 1 above, as it was proposed; b) to negotiate and accept the contractual guarantee clauses, which shall include, but will not limited to the type, level of costs and fees, types of costs/amounts covered by guarantees, the duration, obligations, prohibitions and liabilities, cases of default, early repayment, right to have dividends distributed/received; c) to negotiate and accept the type, form and conditions of guarantees; d) to sign the documents regarding the credit contract, the corresponding guarantee contracts, any other addendums to those, and also any other documents in relation to such contracts; e) to fulfil any other legal activity that it considers necessary for the above –mentioned purpose.” EL shares have traded up 12% so far in 2024, amid deals worth RON4.3 billion. The Romanian State owns 49.8% of the company’s share capital.
Energy
Electrica Shareholders Called To Vote On Approving EUR253M Wind Farm Investment
The Board of Directors of electricity supplier and distributor Electrica (stock symbol: EL) has called shareholders for a meeting on February 5, 2025 to vote in favor of approving an investment project worth nearly EUR250 million (the equivalent of RON1.3 billion), the company has announced in a report published at the Bucharest Stock Exchange on Nov 20.