BSTDB contributes to environmental modernization of a major Romanian power plant

News | 21-Jul-2008

BSTDB will make available a 13-year € 20 million secured corporate loan to finance the environmental rehabilitation and modernization programme of Turceni, the largest lignite fired power plant of Romania. The funding of the Operation of € 170 million is arranged by the EBRD and includes participation from commercial banks.

The proceeds of the loan will be used by Turceni for the design, procurement and installation of equipment for environmental modernization of its Unit 6.

The operation is expected to have significant environmental benefits for Romania. Besides, the operation ensures mobilization of funds from outside the Black Sea region, exploits co-financing opportunities with international development and commercial banks and provides long-term financing during uncertain times.

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S.C Electrocentrale Turceni is a state owned company established in 2003. Turceni is the third largest power plant of Romania and the largest thermal, lignite-fired power plant with a total installed power of 2,310MW and three lignite mines.

The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB is headquartered in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The recently increased authorized capital of the Bank is SDR 3 billion (approx. USD 4,85 billion). BSTDB is rated Long Term Baa1 with positive outlook and Short Term P2 by Moody’s.