Selection of investors for Tarnita project: pre-qualification period, extended until 2015, due to increasing interest

Hidro Tarnita, the company which oversees the hidropower energy project, has announced that the deadline for submitting pre-qualification documents required at this stage of the investors selection procedure has been extended again, until next year, due to increasing interest shown by potential investors. Therefore, instead of November 27, 2014 the new time limit for investors willing to engage in the project to register in the selection process is January 30, 2015, 10.00 a.m.

”As a result of investors’ increasing interest in connection with the Tarnita-Lapustesti project and their request, and respecting the commitment to provide equal and transparent conditions to all interested investors, as undertaken when the procedure was initiated, Hidro Tarnita SA announces the extension of the deadline established by the Advertising Notice for submission of documents for the pre-qualification stage and the preliminary non-biding negotiation stage in the selection of investors from November 27, 2014, 10.00 a.m. until January 30, 2015, 10.00 a.m”, reads a press release.

Tarnita-Lapustesti hydropower station is located in the Cluj County and it is seen as one of Romania’s priorities in terms of energy strategy, a key project, given the growing portfolio of renewable energy power stations, whose electricity production is uncontrolled, hence the installation of additional balancing capacity is required.

The project launched during the Communism period, is forecasted to be resumed in the first half of 2016, creating about 4,000 jobs during the five to seven years, the period estimated its full completion. The investment for the 1000 MW to be installed was initially estimated at 1.2 billion, yet it is likely to be revised on the basis of an updated feasibility study.