EBRD-funded OMV Petrom power generation project on track

Romania’s first ever privately held power generation plant, which is being constructed with the support of EBRD financing, is on track to go into production by the end of 2011 when it will make a substantial contribution to the country’s energy requirements. OMV Petrom’s state-of-the-art new plant is a 860 MW combined cycle power gas turbine (CCGT) being built in the town of Brazi, north of Bucharest. When it is completed next year it will provide approximately eight to nine percent of total domestic output. Using the latest available technology, the facility will provide effective and reliable energy with a low environmental impact.

The EBRD is co-financing the construction of the energy efficient plant with a €200 million loan provided in May 2009, alongside a matching €200 million facility from the European Investment Bank.
The plant was visited on Monday by a delegation of the EBRD’s Board of Directors who are in Romania to get an update on the on the country’s investment priorities. In addition, the EBRD is supporting OMV Petrom to set enhanced standards in the industry with regards to environment, health and safety and to increase the energy efficiency. The EBRD financing will support a series of projects that include pollution clean-up, the replacement of outdated pipeline, health and safety measures and moves to increase efficiency. In March 2009, the EBRD provided a €300 million syndicated loan to ensure continuous implementation of environmental improvements at OMV Petrom despite limited availability of commercial funding.

News source: EBRD link: article