Romanian Power Co CEN Craiova To Invest 800 Mln Euro in Upgrade by 2016 – Media

Some 700 million euro will be invested to build two production units in the southwestern county of Dolj with a capacity of 500 megawatts (MW) and 200 MW, respectively, Ziarul Financiar reported.

The daily quoted CEN Craiova officials as saying that a joint venture will be set up to finance the projects. The officials added that the company will finance pre-feasibility studies of the projects, while the rest will be sought from investors.

In addition CEN Craiova will invest some 98 million euro to implement environmental protection measures, imposed by the European Union.

CEN Craiova has a 930 MW installed capacity. The company expects a 1.15 billion lei ($385 million/299 million euro) turnover next year, up from 1.04 billion lei projected for the current year.

Romania's privatisation agency, AVAS, which owns 73% of the company, expects CEN Craiova to have a 11.1 million lei net profit in 2008, up 33.2% from a year earlier.

(1 euro=3.85 Romanian lei)