Remus Borza: “Hidroelectrica is negotiating a loan of EUR 400mln”

Hidroelectrica is negotiating with a top 3 European bank to secure a loan of EUR 400mln for the upgrade of four hydropower stations, Remus Borza, Chairman of Hidroelectrica’s Supervisory Board, stated. The four hydropower stations are Vidraru, Mariselu, Raul Mare and Stejaru, Agerpres informed. He criticized the Government’s intention to invest in the hydropower station with pumped storage in Tarnita-Lapustesti, a giant project worth EUR 1.3bn, in which Hidroelectrica is the majority shareholder: “I don’t believe in the Tarnita-Lapustesti project. We need to rehabilitate hydropower stations totaling 1,000MW and providing most system services. In turn, we finance UFOs, such as Tarnita, Fagaras-Hoghiz or Pascani”. He also said that the value of Hidroelectrica’s assets amounts to RON 20bn, therefore a tax of 1.5% on special construction would mean RON 30mln. Borza added that Hidroelectrica would end the year with profits of RON 900mln, at a relatively small production, of 14TWh, compared to the multiannual average of 17TWh. Energy generation costs amount to RON 153/MWh for Hidroelectrica and the average price at which the company sold energy in the past nine months was RON 183/MWh.