The joint venture would borrow over EUR 574 million to carry out its plan, which represents over two thirds of the investment’s total value, which amounts to EUR 847.6 million, reports local Profit.ro. The information is presented in a memorandum approved on September 3 by the Government, as well as in an agreement draft between CE Oltenia and China Huadian on implementing the new project.

The Chinese group will have a 91.06% stake in the company, whereas CE Oltenia will hold an 8.94% stake. CE Oltenia will contribute to the joint venture’s capital with various assets such as plots, administrative buildings, and coal deposits, whose value amounts to EUR 18.95 million.

Complexul Energetic Oltenia produces up to 30% of Romania’s electricity, in three lignite-powered thermal plants. (source: Romania-insider.com)