Renewables

Electrica Group to Purchase Stanesti Photovoltaic Park

Electrica has purchased Stanesti Photovoltaic Park in Giurgiu, and becomes, for the first time, a producer of electricity from renewable sources.

Electrica Furnizare, part of Electrica Group, has announced the entry on the electricity production market by signing a sale-purchase agreement with Raylexo Limited and Long Bridge Management si Administrare in order to purchase Stanesti Photovoltaic Park, in Giurgiu County, owned by Long Bridge Millenium.

The purchase made by Electrica Furnizare is a first step in reaching the objective of vertical development of Electrica Group, by entering the electricity production market, especially from renewable sources.

The transaction was assisted by the team of consultants led by PricewaterhouseCoopers Management Consultants and Volciuc-Ionescu.

Completion of the transaction and transfer of title over membership interests to Electrica Furnizare are subject to fulfilling the conditions precedent agreed by the parties, as well as the relevant formalities. The purchase price will be determined on the date of completion of the transaction, in accordance with the provisions of the sale-purchase agreement, the company mentions.

Stanesti photovoltaic park has an installed capacity of 7.5 MW and an operating capacity of 6.8 MW, covering an area of 17.5 hectares. It was built during October 2012 – January 2013 and started to supply electricity into the network in February 2013.

“Expansion on the electricity value chain, especially in the production area from renewable sources, is one of the important objectives of Electrica Group’s strategy for the period 2019-2023. We anticipate that such acquisitions will help us achieve significant synergies, continuing to optimize the Group’s supply area in this direction as well, in addition to the current process of organizational transformation. We are aware of the importance of decarbonization of the energy sector and we are concerned about sustainable business development, especially in the context of the new challenge launched by the European Commission for the Member States – the Green Deal. At least for the next decade, sustainability certainly means being green in the field of production, because the main goal of the Paris Agreement is for energy production from renewable sources to exceed 30% by 2030 in the European Union. Of course, sustainable development also means for us that we are concerned that such projects bring added value to the business and investors, consolidating the results of Electrica Group. In this regard, we further analyse other potential opportunities for inorganic growth, in line with our strategy,” said Corina Popescu, CEO Electrica S.A.

With a tradition of over 120 years, Electrica Furnizare, the electricity and gas supply subsidiary of the Electrica Group, offers services to a number of approximately 3.6 million end-customers, both in a last resort regime and on the competitive market. The company is licensed for carrying out the electricity and gas supply activity throughout the country.

Electrica Furnizare is market leader, with a total market share of 19.83%, having a share of 53.15% on the regulated market and 11.64% on the competitive market (according to the ANRE report for the first three months of 2020).

Electrica Group is a key player on the electricity distribution and supply market in Romania and also one of the most important players in the energy services sector. The Group provides services to over 3.8 million customers and has national coverage – with organization in three areas for electricity distribution: Transilvania Nord, Transilvania Sud, Muntenia Nord and the entire country for electricity supply and for maintenance and energy services.

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