December 8 (SeeNews) - ING Bank Romania, part of Dutch ING Group, said on Thursday that it provided a credit worth 5 million euro ($5.3 million) to green energy company Simtel Team to help the company avoid potential delays and price hikes for the parts needed for its photovoltaic (PV) projects.
"Simtel Team is in a stage of accelerated development due to the existing opportunities in the field of green energy in which it operates, where there is an increasingly high demand for the implementation of renewable energy solutions," Simtel Team co-founder and CEO Iulian Nedea said, as quoted in an ING Bank Romania press release.
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ING Bank Romania is a universal bank established in 1994 and part of the global ING Group. ING Group offers banking services to approximately 38.8 million customers, across 40 countries.
Simtel Team was founded in 2010 and operates in three main sectors ‒ telecommunications, renewable energy, and industrial automation. Simtel is listed listed on the AeRO market of the Bucharest Stock Exchange and has a market capitalisation of approximately 201 million lei ($43 million/40.9 million euro).
Its shares traded 0.19% higher at 26 lei as of 1406 CET on Thursday, bourse data showed.
Earlier today, Simtel Team announced it was expanding to Moldova through a newly established subsidiary, Simtel Solar.
($=0.9524 euro)