Hidroelectrica secures 66m-euro loan

Electric power producer Hidroelectrica received a 66 million euro-loan from the World Bank at the end of last week. The loan will fund the project to upgrade the Lotru-Ciunget hydropower station, according to representatives from the Ministry of Economy and Trade. The tender organised to select the general contractor who will carry out the upgrading at the Lotru-Ciunget station will be held some time before April. The loan, which is secured by the Romanian State, was approved by the Board of the International Bank for Reconstruction and Development (IBRD), a branch of the World Bank, at the end of last week. The credit will be repaid over 17 years and comes with a five-year grace period. It is part of a funding programme worth one billion dollars that the World Bank will use to support “the SE Europe Energy Community” programme. ZF