Romania's Aquila invests 220,000 euro in PV plants

Following the investment, the two plants will output 230 Kw, Aquila said in a report filed with the Bucharest Stock Exchange, BVB.

Around 202,000 euro of the investment were used to build and expand the current plant, while the rest will be used to commission the construction of the new plant.

The company expects to pay off its investment within a maximum 3.5 years.

The investment will contribute to cutting CO2 emissions by 113 tonnes per year.

"For more efficiency, predictability and control, we chose to accelerate the investment in photovoltaic plants," said Organization and Human Resources Director for Aquila, Razvan Bagherea.

Earlier this month, Aquila said it aims to double its earnings before interest, taxes, depreciation and amortisation (EBITDA) in the upcoming five years through both organic growth and acquisitions.

Aquila is a logistics company founded in 1994 which currently employs over 3,000. In 2021, the company booked a net profit of 71 million lei ($14.2 million/14.4 million euro), up 30% on the year, and a turnover of 1.93 billion lei, up 13%, data from the finance ministry showed.

Blue-chip Aquila's shares traded 1.75% lower at 0.56 lei as of 0941 CET on Friday on the Bucharest Stock Exchange.

($=1.022 euro)