November 22 (SeeNews) - Romanian engineering and technology company Simtel Team [BSE:SMTL] said that it has signed a 17.54 million euro ($18.02 million) contract to build injections photovoltaic (PV) power plants with a 23.6 MW total installed capacity for local company Grunman Energy, part of Paval Holding.
Simtel will obtain necessary approvals and authorisations for the projects and then handle the design, procurement, construction
and commissioning of the photovoltaic power plants, it said in a statement filed with the Bucharest Stock Exchange, BVB, on Monday.
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The project duration is 12 months from the date of conclusion of the contract. The value of the contract does not include VAT.
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.
The company said on Friday its net profit soared to 2.7 million lei ($559,200/546,400 euro) in the first nine months of 2022, compared to 50,622 lei in the like period last year.
Its shares traded 1% higher at 25.2 lei on the Bucharest bourse as at 1546 CET on Tuesday.
(1 euro=4.9471 lei)