Hidroelectrica budgets investments of 300 million euro to refurbish three hydropower stations

Hidroelectrica is planning investments of 300 million euro this year to refurbish three hydropower stations, the signing of the associated modernization contracts being expected in mid-March, 2015.

At the same time, the state-owned power producer is looking at small hydropower plants in neighbouring countries as potential acquisitions, said Remus Borza, representative of Euro Insol, the company's judicial administrator, according to Ziarul Financiar.

While attending an energy-related conference, Borza also stated that the domestic wind energy sector is one of their targets in terms of future investments and they are considering important acquisitions – in the range of some hundreds of MWh, reads the mentioned source. 

In this context, he explained that they have the possibility of taking a 1 billion euro loan with interest of 1 to 1.5 percent to support investments in case viable projects arise, Hidroelectrica's current cash flow amounts to 800 million lei.

In addition to the investments envisaged in the power production sector, the company is expanding its trading operations abroad, told Borza during the same conference. While this March Hidroelectrica will inaugurate its Serbian branch, two more energy trading branches shall be opened in Austria and Germany.

Last year, Hidroelectrica recorded the highest turnover ever – 3.4 billion lei, likewise the related profit which came to 1.2 billion lei (net profit of 967 million lei)