Hidroelectrica eyes 131MW PV park in southern Romania

Romanian state-controlled hydropower group Hidroelectrica seeks to procure legal services to acquire Portland Trust Renewables 1 - a company that developed the 131MW photovoltaic project in the southern part of Romania (Ratesti, Arges), Economica.net reported.

The project belongs to one of the largest real estate investors in Romania - Portland Trust. The legal consultant will assist Hidroelectrica throughout the acquisition process.

"The provider will also recommend the optimal solution for completing the transaction and will draw the general lines for concluding the transaction, including in collaboration with the other consultants selected by Hidroelectrica, if applicable," reads Hidroelectrica's invitation.

Earlier this year, the Competition Council cleared a deal by which Hidroelectrica took over a 108MW wind farm in eastern Romania. Developed by the German group Steag and commissioned in 2014, the Crucea wind farm is one of the most modern and best-maintained onshore wind farms in Romania. Crucea Wind Farm, the company that owns the wind farm, had a negative net worth of about RON 335 mln (EUR 72 mln) as its debts (RON 855 mln) were higher than the value of its assets (RON 535 mln), according to data presented by Profit.ro.

According to Transelectrica data, Portland Trust Renewables 1 has a technical connection (ATR) approval for a 131 MW photovoltaic park in Ratesti, which was updated last year. This future park will be connected to the transmission network through a new 220 kV substation, later connected to the 220 kV Bradu-Targoviste line. Transelectrica estimates that the park will become operational in 2022.

Hidroelectrica announced last year an investment plan with a total value of RON 26 bln (over EUR 5 bln). The plan includes RON 17.9 bln investments in new hydropower projects (713.62 MW), RON 3 bln for refurbishment and modernization projects, and another RON 5.1 bln (over EUR 1 bln) for new wind and photovoltaic projects with a total capacity of 655 MW.

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