Transelectrica and Romelectro signed a contract worth EUR29.38 million, VAT not included, for upgrading the transforming power station Bradu. The upgrade works at the transforming power station will be completed in 2018.
“The facility offered by the bank includes a financing component – covering the temporary need for cash and a guarantee component – letters of banking guarantee for good execution and advance payments reimbursement that Romelectro needed for implementing the project of remaking the technological profile of an electric transformer station belonging to Transelectrica,” Eximbank said in a statement.
President/General Manager of Romelectro, Viorel Gafita, said that Romelectro is reconsidering export markets and plans to focus on going back to projects abroad, especially in the Middle East, Northern Africa and the Caucasian – Caspian Sea region.
Romelectro is owned by several individual shareholders. Gafita owns the biggest stake.
Founded in 1992, export-import lender EximBank offers financing, bank guarantees and insurance products to Romanian companies, particularly SMEs and companies developing EU-funded projects.