Hidroelectrica borrows 50m euros from ING

On Wednesday Hidroelectrica contracted a loan worth 50 million euros from ING Bank, which will be used to fund investments of the electrical power producer. The energy producer has contracted another loan worth 30 million euros from Citibank and intends to continue to raise funding in order to finance its investment programme. Traian Oprea, the company’s general manager, does not rule out the possibility of contracting another loan by the end of the year. The loan Hidroelectrica has contracted from ING comes with a five-year maturity and a two-year grace period. ING representatives said they supported the energy sector in Romania, having granted loans exceeding 500 million euros for this sector in the last 5 years. “The loan granted to Hidroelectrica is part of our policy to play an active role in the development of the energy sector, as well as in the progress of Romanian economy in general,” says Misu Negritoiu, general manager of ING Bank.