“The bank loan is needed to fund the procurement of technological fuel from local sources and from import for winter 2011-2012, including auxiliary services of transportation and distribution,” the company said in a news release.
ELCEN will select a bank following negotiations set for January 17.
The company is among the firms monitored by the International Monetary Fund, listed with a debt of 43 million lei (EUR10 million) to the state budget. ELCEN is Romania’s largest thermal power producer.
ELCEN is held by state-owned Termoelectrica and it is set for privatization by the end of 2012.
The company operates seven production units, with a total installed power of 2,008 MW.