February 7 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said that it has completed the acquisition of Green Energy Consultancy & Investments project company, which operates a 12 MWp photovoltaic (PV) project in the south-eastern county of Vrancea.
The transaction is in line with the current strategy of Electrica Group, which targets the expansion in the value chain of electricity, especially in the area of renewable energy, it said in a report filed with the Bucharest Stock Exchange on Monday.
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Previously owned by local entrepreneurs Vlad-Mihai Ungureanu and Tudor-Nicolae Ungureanu, Green Energy Consultancy & Investments is the developer of the Vulturu PV project. The project is located near Vulturu locality in Vrancea and has an installed capacity of 12 MWp DC and 9.75 MW AC.
The project is in the ready-to-build phase.
According to an announcement filed by Electrica with the Bucharest bourse in July, the estimated value of the transaction is 600,000 euro ($645,635).
Electrica Group, in which the Romanian state owns a stake of 48.8%, comprises eight companies. Its shares are listed on the Bucharest Stock Exchange and the London Stock Exchange. The group includes Electrica SA, Distributie Energie Electrica Romania, Electrica Furnizare, Electrica Serv. Electrica Productie Energie, Electrica Energie Verde, Sunwind Energy, New Trend Energy and Green Energy Consultancy.
Electrica's shares traded 0.84% higher at 8.44 lei ($1.85/1.72 euro) as of 0926 CET on Tuesday, data from the Bucharest Stock Exchange showed.
(1 euro=4.9036 lei)