Transelectrica gets 70m euros from KfW

German Kreditanstalt for Wiederaufbau (KfW) bank will provide a 70 million euro funding for the upgrading projects involving Sibiu Sud (Sibiu South) and Bucuresti Sud (Bucharest South) stations held by Transelectrica. Transelectrica will get the funding for the two projects without any banking or governmental guarantees. The payment obligations will be met by a guarantee granted by Germany’s Agency for Export Credits, Hermes. The consortium comprising Asea Brown Boveri (ABB) Germany and Areva (France) will upgrade the Sibiu Sud station, with the negotiation of the contract scheduled for conclusion in April. The project is worth approximately 40 million euros. As for the funding of the works on the Bucuresti Sud station, Transelectrica and KfW on Monday concluded a memorandum of understanding. ABB is one of the leading electrical power technology and automation groups in the world, while French state-run Areva specialises in services for the nuclear energy industry. ZF