Romania's Hidroelectrica relaunches tender for 110 mln euro Stejaru power plant upgrade

Romanian insolvent hydropower producer Hidroelectrica has relaunched the international tender for modernisation of the Stejaru hydro power plant, the company said on Tuesday.

In June 2011, Hidroelectrica contracted borrowing of 110 million euro ($143 million), VAT excluded, to finance the project. Funding included 70 million euro from the European Bank for Reconstruction and Development (EBRD) and 40 million euro from Erste Bank Group and Caixabank.

Funding was suspended after Hidroelectrica announced its insolvency, the company said in a statement. The decision to relaunch the tender was made following negotiations between Hidroelectrica and the EBRD.

The investment will finance the rehabilitation of six turbines with combined capacity of 210 megawatts (MW) at the 50-years-old power plant located on the Bistrita river, in northeastern Romania.

($ = 0.7692 euro)

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