Tinmar draws out a 10 mln euro worth refinancing for a PV plant from GarantiBank

GarantiBank provided a refinancing of 10 million euro to Tinmar, one of the largest private electricity traders in Romania. The amount is for a photovoltaic plant having an installed capacity of 10MW located in Bucsani, Giurgiu County, which is part of an 18.5MW solar park inaugurated this summer. This loan does not cover but 70% of the whole investment worth 15 million euro, being granted for an almost ten-year period, according to a press release from the bank.

‘During the first three quarters in 2013, we have noticed that the demand of loans from companies recorded a progress. GarantiBank is very dynamic in this sector, considering both the short-term and the long-term loans. Therefore, we have had very good results from our cooperation with corporate clients. As for the renewable energy sector, our strategy concerns the set up of long-term partnerships with clients, providing our support in such projects. In the first nine months of 2013, we provided loans amounting 50 million euro for green energy projects.’, Cagri Memisoglu, Deputy Director at GarantiBank, said.

Apart from this PV project, Tinmar has in its portfolio several solar parks with a cumulated installed capacity of 50 MW. And according to Adrian Pavelescu, Director of the Renewable Energy Department of Tinmar Group, they are looking to expand it through further acquisitions in this field, considered of high-importance for their investment strategy.

Tinmar, whose main activity is the electricity trading, has been founded in 2001 in Bucharest. Five years ago, the privately owned company has started expanding its business onto other European markets such as: Hungary, Greece, Serbia, Bulgaria, Austria, Germany, Czech Republic and Slovakia.