“The loan arrangement has been finalized yesterday (e.n Wednesday, November 25). Half of the amount will be disbursed soon, and the remaining €30 million in the first half next year. Soon, we will conclude the other three agreements for €30 million, €70 million and the external loan of €135 million”, said Mihai David, after signing the statement of the eightieth Romanian-Serbian commission for Portile de Fier hydroelectric power plant.

The managing director refused to disclose the name of the banks, saying the company is in talks with other banks for the additional financing (up to €300 million).

Earlier this year, Hidroelectrica has finalized two other financing arrangements for a collective amount of around €50 million, one of which for €30 million and another one for over €18.6 million.

Mihai David said few months ago that the company was in talks with a roster of banks for loans totaling €300 million.

Hidroelectrica is the largest electricity generator in Romania. The company has supplied 26% of Romania’s electricity, and uses water as a renewable power source. The company is held by the Ministry of Economy and employs over 5,000.