December 8 (SeeNews) - Romanian engineering and technology company Simtel Team [BSE:SMTL] said that it has opened a wholly-owned subsidiary in Moldova, Simtel Solar.
Simtel's activity on Moldovan market is currently focused on the construction, maintenance and operation of rooftop photovoltaic power plants for retailers, it said in a press release on Wednesday.
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The newly formed entity will help Simtel deliver its projects developed in Moldova. Orders placed already amount to a total installed power of 2 MWh, with the company estimating projects with same installed power for the second half of 2023.
Simtel also said it will consolidate its local team within the subsidiary in the near future, as currently the company's projects in Moldova are being carried out through sub-contractors.
Simtel Team was founded in 2010 by three Romanian entrepreneurs - Iulian Nedea, Sergiu Bazarciuc and Radu Vilau. The company is listed on the AeRO market of the Bucharest Stock Exchange and operates in three business areas - telecommunications, green energy, and industrial automation.
Last month, the company said its net profit soared to 2.7 million lei ($576,500/548,900 euro) in the first nine months of 2022, compared to 50,622 lei in the like period last year.
Its shares last traded 0.38% lower at 25.95 lei on the Bucharest bourse as at 1650 CET on Wednesday.
(1 euro=4.9186 lei)