Romania’s EUR 1 bln thermal power plant project is blocked

The project for a new thermal power plant worth EUR 1 billion, which had to be built by the Chinese group China Huadian Engineering at the Rovinari thermal plant, is blocked, according to thermal electricity producer Complexul Energetic Oltenia. “Unfortunately, the collaboration project with the Chinese group is blocked because of the request to guarantee the shares that belong to CE Oltenia, due to its contribution in kind to this investment,” reads a company press release, cited by local Ziarul Financiar.

However, only the shareholders can approve the guarantees.

In October 2014, Complexul Energetic Oltenia and China Huadian signed an agreement to set up a company with mixed capital for the construction of a new energy group at the Rovinari thermal power plant. At the beginning of July this year, Energy Minister Andrei Gerea said that the Romanian state and the Chinese group could sign the contract for the construction of the thermal power plant by the end of the year. editor@romania-insider.com