EximBank is financing Romelectro
Bucharest, December 10, 2014 – EximBank has granted to Romelectro SA, one of the top contractors in power engineering a multi product financing level amounting at 54 Million Lei, to be used for executing a contract concluded with Transelectrica.
The facility offered by the bank includes a financing component – covering the temporary need for cash and a guarantee component – letters of banking guarantee for good execution and advance payments reimbursement that Romelectro needed for implementing the project of remaking the technological profile of an electric transformer station belonging to Transelectrica.
”EximBank is determined to respect its commitment toward supporting Romanian companies and, here we are extending our clients’ portfolio by signing this agreement with one of the leaders of the power engineering market. Romanian entrepreneurs, especially those active on energy market will find in EximBank full availability since this filed is one of bank’s priority domains. EximBank will continue to act for consolidating Romanian energy industry in an economic viable manner and in total accordance with Romani’s regional strategic options on medium and long term”, said Traian Halalai, President of EximBank.
As a reward for EximBank’s efforts in supporting extended projects in economic priority domains, as the energy, the bank has been recognized as the Financial Institution of the Year for Energy Projects during the Romanian Energy Awards 2014 Gala, organized by The Diplomat, under the patronage of Ministry of Economy, Energy Department.
Romelectro has won the the bid organized by Transelectrica for the project of remaking the technological profile of the electric transformer station400/220/110/20 kV Bradu, one of the important points in the Electro energetic National System ensuring the connections and power transit between the electrical excedentary areas (Muntenia and Oltenia) and the deficiently areas in Transylvania. The four years contract value amounts at more than 29 Million Euro.
”Winning such a bid is another confirmation of Romelectro being the local strategic partner in electrical energy projects due to its core values: competency and accountability. Now, by partnering up with EximBank we can talk about 100% Romanian project all the three entities involved in the project being fully financed by Romanian capital. We do hope that our cooperation will continue especially in the context of our reconsidering our export markets and intending to focus on going back to projects abroad. Up until now Romanian market has offered enough space for Romelectro’s activity but we are determined to develop our business and this is why we are looking at markets such as Middle East (where Romelectro developed successful projects), Northern Africa and the Caucasian – Caspian Sea region”, said Viorel Gafita, President/General Manager of Romelectro.
About EximBank
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantee and insurance, enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors. During the last two years the bank has been going through a vast modernizing process focused on creating the best team and increase flexibility of working flows in order to improve the reaction times to clients’ needs. Thus, the bank has been constantly modernizing its product portfolio so that EximBank is now able to compete on the complementary services segment of treasury, cash management or trade finance. Focusing on offering integrated financial solutions for the business environment determined an accelerate trend of its activity, the net credits portfolio of EximBank after the first nine months of the year being by 33% higher than at the end of 2013. Bank’s representatives estimate that by the end of 2014 the total new financing volume will reach 1 Billion Lei.
About Romelectro
Romelectro is part of the group with same name including ISPE (Institutul de Studii si Proiectari Energetice), consultancy and engineering company in power engineering Electromontaj ”Carpati“ Sibiu, a company for utilitarian electrical and telecommunications construction and Celpi – manufacturer of metal structures. The four companies of the group employ more than 1500 people aut of which 700 are specialists in engineering and design. The entirely Romanian group references are speaking for themselves: design and complex engineering for more than 15.000 Mw in electrical conventional stations and nuclear ones, representing 90% of the total Romanian capacity; complex programs of rehabilitation for more than 3.000 MW; engineering and design for more than 150 high voltage stations and appx. LEA 22.000 km designed or executed. Romelectro, that holds the biggest share in the group, is active on market that continued to shrink during the last years following the reduction of the investments in energy companies. The company has closed 2013 with a turnover of almost 320 Million Lei, 8% below the level of the previous year, but even in the context of a slight activity reduction the profitability is increasing – the net profit at the end of 2013 being three times higher than at the end of 2012.
Additional details: office@romelectro.ro
+40 21 200 43 00 www.romelectro.ro