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Romania's Electrica planning 400 MW renewable energy projects

Romania's Electrica planning 400 MW renewable energy projects Electrica Romania

BUCHAREST (Romania), June 22 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said that it will ask its shareholders to approve the establishment of a subsidiary though which it will implement 400 MW renewable energy projects, with an additional 100 MW storage capacity.

Electrica Productie Energie will be organised as a joint stock company and a subsidiary of Electrica, the company said in a statement filed with the Bucharest Stock Exchange, BVB, on Friday.

Electrica will own a 99,9920% stake in the new company, while the rest will be held by Electrica Serv.

According to a separate document posted on its website detailing the shareholders meeting agenda, Electrica plans to develop a portfolio of electricity generation capacities from renewable sources, namely wind and photo-voltaic, through the new subsidiary. The projects will have a cumulative capacity of 400 MW, to which electricity storage capacities with an installed capacity of up to 100 MW will be added.

The subsidiary will deal with the acquisition and development of projects, respectively the operation of energy generation farms, combined with the development and operation of independent storage solutions that the company intends to develop in the near future, Electrica said.

The project is part of Electrica's development and investment strategy for 2019-2023, the document also showed.

Electrica, in which the Romanian state owns a stake of 48.8%, provides services to over 3.8 million customers. Its shares are listed on the Bucharest Stock Exchange and the London Stock Exchange.

Electrica's shares changed hands 0.63% lower at 12.58 lei ($3.04/2.55 euro) by 1529 CET on Tuesday on the Bucharest bourse.

(1 euro=4.9253 lei)