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Power generation project stays on track

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The first ever privately-held power generation plant in Romania, which is being constructed with the support of EBRD financing, is on track to go into production by the end of 2011 when it will make a substantial contribution to the energy requirements of the country, according to the EBRD.
OMV Petrom’s state-of-the-art new plant is a 860 MW combined cycle power gas turbine (CCGT) being built in the town of Brazi, north of Bucharest . When it is completed next year it will provide approximately eight to nine percent of total domestic output.
Using the latest available technology, the facility will provide effective and reliable energy with a low environmental impact. The EBRD is co-financing the construction of the energy efficient plant with a 200 million Euro loan provided in May 2009, alongside a matching 200 million Euro facility from the European Investment Bank.
The plant was visited by a delegation of the EBRD’s Board of Directors who were in earlier this month to get an update on the on the country’s investment priorities. In addition, the EBRD is supporting OMV Petrom to set enhanced standards in the industry with regards to environment, health and safety and to increase the energy efficiency.
The EBRD financing will support a series of projects that include pollution clean-up, the replacement of outdated pipeline, health and safety measures and moves to increase efficiency. In March 2009, the EBRD provided a 300 million Euro syndicated loan to ensure continuous implementation of environmental improvements at OMV Petrom despite limited availability of commercial funding.
“We are delighted to see the significant progress in the implementation of these highly important projects for . The EBRD remains firmly committed to supporting further modernization of ’s power sector and environmental improvements in the industrial sector,” said Claudia Pendred, EBRD Director for Romania.
In turn, Petrom’s CEO Mariana Gheorghe said: "I would like to thank the EBRD once again for the confidence in the company's potential that they showed through these loans signed in 2009, during a period in which access to financing became extremely difficult. We are continuing our ambitious investments program in and we’ll make all the efforts to achieve high investments of approximately 1.5 billion Euro for this year."
Citeşte mai multe despre: EBRD, OMV Petrom

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