Hidroelectrica also plans to finish paying pack three other loans totaling EUR167 million by the end of the year.
The credit line from Banca Transilvania was opened on October 14, 2011 and extended repeatedly in 2012 -2013 due to cash shortages. “Gradual improvement of the company’s liquidity over the past 15 months has allowed the payback of the RON120 million loan and the closing of the credit line granted by Banca Transilvania,” the company said.
In March 2014, Hidroelectrica completed a financing contract for EUR110 million from the European Bank for Reconstruction and Development and a RON80 million credit line from Alpha Bank.
Hidroelectrica added it plans to pay back EUR167 million in loans by the end of the year and lower its financial debt by EUR77 million, to EUR203 million at the end of 2014.
Upon re-entering insolvency late February, Hidroelectrica owed EUR841 million to several banks. Its debt has now been lowered to EUR282 million.
Hidroelectrica has an installed production capacity of 6,400 MW, about one third of Romania’s total electricity production and covers around 30% of the country’s electricity needs.