December 14 (SeeNews) - Romania's energy ministry said on Wednesday it signed a contract with Constanta municipality, on the Black Sea coast, for the construction of a cogeneration plant worth an estimated 743 million lei ($159 million/ 151 million euro).
Some 430 million lei of the total investment are eligible to be covered by non-reimbursable EU funds under Romania's Resilience and recovery Plan, PNRR, the energy ministry said in a press release.
The project envisages the construction of a gas-fired high-efficiency cogeneration electricity and thermal energy production unit, the ministry said, without elaborating on the project.
According to a document posted on the Constanta municipality website, the new plant will be built on a 3.5 ha land plot on the premises of CET Palas TPP.
CET Palas was built in 1970 and is operated by Electrocentrale Constanta, the main producer of thermal energy in the city.
The company has been insolvent since 2019, according to data posted on the energy ministry's website. In April, a restructuring plan was approved by its creditors.
($=4.9248 lei)