The retrofitting increased the capacity of the hydro-aggregate to 54.126 MW from 50 MW, which is a milestone for the process of upgrading one of the most significant hydropower plants in Romania, Hidroelectrica said in a press release.
The modernization works, which were carried out by Hidroelectrica’s subsidiary Hidroserv, entailed a total investment of RON61.7 million (EUR12.4 million), of which RON51.5 million were used specifically for the retrofitting process.
The Stejaru hydropower plant, which is located in the northeastern county of Neamt and was put into operation in 1960, is undergoing a modernization which involves replacing old equipment and implementing state-of-the-art technologies. In 2020, the capacity of hydro-aggregate no.6 was also increased to 54.126 MW from 50 MW. Following the retrofitting and recommissioning of hydro-aggregates no.5 and no.6, the total capacity of the Stejaru HPP is now 218.25 MW, up from its initial 210 MW.
At the end of November 2024, Hidroelectrica awarded German hydromechanical steel equipment company DSD Noell a EUR39.3 million contract for rehabilitation works at the Iron Gate I hydropower plant.
Hidroelectrica, valued at RON53.7 billion, is 80.06%-owned by the Romanian State, through the ministry of energy, and the remainder is in free float on the Bucharest Stock Exchange. H2O shares have traded down 6.1% so far in 2024, amid deals worth RON2.6 billion, as per stock market data.
The company ended the first nine months of 2024 with net profit of RON3.5 billion, down 32% on the year, and revenues of RON7.2 billion, down 25% on the year, in line with data from the quarterly financial report.