Energi-Co takes to mortgage business

Energi-Co Bucharest will develop a number of real estate projects, which should end in 270 new villas and 140 flats, following an about 30 million euro investment, development manager Valentin Vitalariu said. “The homes will be built through the mortgage credit system in 11 cities in Romania. We have already concluded two agreements with Banca Comerciala Romana (Romanian Commercial Bank – BCR) and HVB in this regard and are in talks with three more banks,” Vitalariu specified. The first buildings will be erected in Bucharest, Piatra Neamt, Mangalia and Buzau as of next spring, with Cluj, Timisoara, Alexandria, Predeal, Ploiesti, Alba Iulia and 2 Mai next in line. “We will develop the projects either on locations we own, on private land or on land that belongs to the local authorities, in which case we will sign partnership deals,” Vitalariu said. The homes will be built using a new technology, Igloo, which allows cutting energy losses by 50% and helps improve the thermal comfort of the buildings. ZF