Transelectrica’s capacity to use account receivables as collateral is close to maximum levels and the possibility to obtain new loans from international creditors is rather limited, the company said in its prospectus to a 15% secondary offering on the Bucharest Stock Exchange.
“Given the estimated financing deficit… we could consider adjusting the tariffs in the future,” the document noted.
The company also contemplates obtaining government subsidies for its investments planned over the next years, according to the document.
Transelectrica has to expand its network to accomodate until 2020 additional energy production capacities estimated at 4,000 MW, from some 16,000 MW currently.
Transelectrica is 73.68%-owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds a 13.5% stake. The remaining shares are traded in Bucharest.
The ministry recently said it would launch a secondary offering for a 15% stake in Transelectrica by the end of February.
Friday, Transelectrica closed up 1.61% at RON18.9 a share.