December 6 (SeeNews) - Slovenia's sovereign holding company, SDH, injected 300 million euro ($315 million) in the capital of state-owned electricity producer Holding Slovenske Elektrarne (HSE) to allow the company to bridge its liquidity deficit, HSE said.
SDH intends to carry out an additional capital injection of 192 million euro into HSE on December 15, subject to approval by the Slovenian government, the state-owned electricity producer said in a statement on Monday.
The capital injection will enable HSE to independently and efficiently manage its own electricity production even in times of energy crisis and extremely increased requirements for financial coverage, and thus to ensure a competitive supply of electricity, the company said.
HSE faced a 460 million euro damage in 2022 due to the 36% lower production of hydropower plants caused by poor hydrology, the temporary shutdown of Unit 6 of Sostanj thermal power plant and the increased import of electricity at high prices.
"Due to the considerable indebtedness of the HSE group, which has been dragging on ever since the construction of Unit 6 of Sostanj, and the tough market conditions, despite the already approved state guarantee in the amount of 800 million euro, HSE has so far managed to obtain only 185 million euros loans from commercial banks," the state-owned electricity producer noted.
Last month, HSE appointed Tomaz Stokelj as managing director, replacing Viktor Vracar. Also last month, its COO Marko Strigl resigned.
($ = 0.9535 euro)
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