March 25 (SeeNews) - Romanian technology and engineering company Simtel Team [BSE:SMTL] said on Monday it has obtained non-refundable financing of 60.6 million lei ($13.2 million/12.2 million euro) under the National Recovery and Resilience Plan (NRRP) for the construction of a 52 MWp solar photovoltaic (PV) plant.
Simtel will use its own funds as well as bank financing to cover the rest of the necessary funding, the company said in a statement filed with the Bucharest Stock Exchange. It did not disclose the overall value of the project.
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The solar park will be located in the southern city of Giurgiu, on a land plot that the company owns. With all necessary authorisations needed to start implementation already secured, Simtel is aiming for a completion timeframe between October 2024 and March 2025.
Recently, Simtel Team said it will acquire a ready-to-build 5 MW solar park project in the northwestern city of Salonta.
In 2023, the company booked a preliminary consolidated net profit of 27.4 million lei on a turnover of 295.6 million lei, according to an unaudited financial report filed with the BVB last month.
Simtel Team was founded in 2000 and specialises in eco-engineering, industrial automation, telecommunications, electric mobility, and PV equipment. The company was listed on the AeRO secondary market of the BVB in 2021.
Simtel Team's shares traded 3.74% higher at 61 lei as at 1010 CET on Monday on the Bucharest bourse.
(1 euro=4.9727 lei)