The solar installation, which has a 5MW capacity, requires a total investment of EUR 8.9 million and is close to completion. The project is located in the locality of Modelu, Calarasi County.
Cosmin Calin, executive director corporate unit at Banca Romanesca, says the latest financing is in line with the lenders’ strategy of supporting the energy sector. Banca Romaneasca granted earlier this year a EUR 8 million loan to a member of Tiriac Holding for a solar farm.
Law firm CMS Cameron McKenna assited the bank finance, while TUV Hellas (TUV Nord) provided technical consultancy.
Jean Valvis, the businessperson behind the holding, is betting on solar amid the government’s plan to cut incentives for renewable producers. Starting July, solar farms receive only four certificates, while two have been deferred by 2017.
The government plans to cut in half the support scheme to three certificates for new solar projects coming online starting next year, as this technology is currently overcompensated, being the biggest incentivized source. Thus, new solar projects may end up receiving one certificate by 2017.
Investments in solar soared from 49MW last year to 463 MW of incentivized capacities by August, according to grid operator Transelectrica. (source: business-review.eu)
