Romania's TeraPlast Group seeking EU co-financing for 4.56 MWp PV plant

Romanian construction materials manufacturer TeraPlast Group said that it is seeking co-financing through the National Recovery and Resilience Program, PNRR, for a 19 million lei ($4 million/3.8 million euro) investment in a 4.56 MWp photovoltaic (PV) power plant.

The photovoltaic plant will be located in TeraPlast's Saratel Industrial Parc in Bistrita-Nasaud county, the group said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.

The application was submitted in the PNRR online platform alongside more than 650 other projects.

"This ambitious project enables us to reach two of our strategic goals. First, it is an integral part of our sustainable development program and will significantly reduce the carbon footprint as committed. This project will decrease the annual CO2 emissions by 3,200 tones CO2 equivalent," TeraPlast Group COO Nicolae Rosu said.

"Furthermore, we will also increase our competitivity by reducing the energy costs and we will be hedged from the energy market volatility. This is even more important considering the complex market context we’re going through, and which tends to get permanent."

The project will take 12 months to complete.

Romania is set to receive 29.2 billion euro in total under the RRF, consisting of 14.2 billion euro in grants and 14.9 billion euro in loans.

TeraPlast Group's parent company TaraPlast SA [BVB:TRP] said in May it plans to start the construction of a new stretch film production unit this year, following a 11.2 million euro investment co-financed with state-aid. The plant will be located in Saratel Industrial Parc.

TeraPlast Group comprises TeraPlast SA, TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast.

Blue-chip TeraPlast SA's shares traded 0.29% higher at 0.6920 lei as at 1514 CET on Thursday on the Bucharest Stock Exchange.

(1 euro=4.9464 lei)

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