Romania's Electrica to buy local 12 MWp solar power project

Electrica Romania

BUCHAREST (Romania), July 6 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said on Wednesday it has signed an agreement to acquire local solar energy project Vulturu for 600,000 euro ($613,780).

The transaction is in line with Electrica Group's strategy for 2019-2023, which envisages the expansion in the value chain of electricity, especially in power production from renewable energy sources, Electrica said in a filing to the Bucharest Stock Exchange, BVB.

The agreement concerns the acquisition of 100% of the shares of Green Energy Consultancy & Investments, which is developing a photovoltaic project near Vulturu locality in Vrancea county.

The project has a designed installed capacity of 12 MWp DC (peak power at the panels level) and 9.75 MW AC (power authorised for delivery into the grid).

Green Energy Consultancy & Investments is owned by local entrepreneurs Vlad-Mihai Ungureanu and Tudor-Nicolae Ungureanu.

The final price will be determined by adjusting the total estimated price depending on the production capacity, based on a contractually established calculation formula, Electrica said.

Blue-chip Electrica, in which the state owns a stake of 48.8%, is listed on the BVB and the London Stock Exchange.

Its shares changed hands 0.69% higher at 8.76 lei ($1.81/1.76 euro) by 1246 CET on Wednesday on the BVB.

(1 euro=4.9454 lei)

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