The project was carried out based on a grant from the EEA & Norway Grants and targeted the installation of a solar photovoltaic (PV) system at the company’s plant in Buftea (Ilfov County). The project aims to contribute to Promateris’ transition to green energy by replacing the use of fossil fuel energy with solar energy. The investment reaches roughly EUR1 million, of which EUR597,000 represents Norwegian non-reimbursable funds.
The EEA and Norway Grants represent the contribution of Iceland, Liechtenstein and Norway to reducing economic and social disparities and strengthening bilateral relations with 15 EU countries, primarily in CEE.
Installation works on the solar PV power plant were carried out by Simtel Team (SMTL.RO), a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and a national leader in renewable energy. The solar PV system has an installed power of 1 mwp and it was mounted on the rooftop of the Promateris plant in Buftea. The green energy obtained this way will be used for the manufacturing of bio-based nad compostable packaging and covers roughly 19% of the company’s energy needs. This is the third Promateris project carried out with Norwegian funds.
Promateris reported losses of RON4.8 million for the first half of 2023, from a profit of RON5 million in the same period of 2022, and revenue of RON69 million, down 21% on the year.
PPL shares have traded 36% lower over the last 12 months, but 6% higher so far in 2023. The company is valued at nearly RON275 million.