EBRD provides 44 mln euros in portage equity to Renault Technologie Roumanie

EBRD board has approved the 44 million euro portage equity to Renault Technologie Roumanie (RTR), who will construct a centre at Titu, an automotive testing centre out of France for Renault.

The total cost of the project stands at 166 million euros and Renault has already invested in RTR some 36 million euros.

The European Bank for Reconstruction and Development will finance the testing center at Titu, as the new facility would require total funds of over 450 million euros.

“The Titu Test Centre will be the only comprehensive automotive testing centre out of France for Renault”, reads EBRD press release.

Furthermore, Renault will “develop links with local universities and other academic institutions including a two year master program to be offered in conjunction with five Romanian technical universities,” according to the project approved on Wednesday by EBRD board.

The site location for the Titu test centre is located on a former military airfield. An environmental site assessment was carried out by independent consultants, to identify existing environmental liabilities at the project site. Results of the site investigations identified the requirement for the removal of an underground fuel storage tank and the decontamination of localized soil/groundwater.

Renault Technologie Roumanie (RTR) opened in September the construction works for the testing center at Titu, where the engineers will test the vehicles designed by the engineering team of Renault group. The project became public in 2006 and is estimated at 450 million euros. The completion of the Center and the start of the activity were scheduled for end-2009, as RTR informed.

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