August 29 (SeeNews) - Romanian blue-chip PVC pipes and fittings manufacturer TeraPlast [BSE:TRP], the parent company of TeraPlast Group, said it has received 5.5 million lei ($1.2 million/1.1 million euro) under the National Recovery and Resilience Plan for the development of a new solar photovoltaic (PV) plant.
The money will cover roughly a quarter of the 22.6 million lei development costs of the project, which will be located in the Industrial Park of Saratel, TeraPlast said in a press release on Monday.
The plant will comprise over 8,000 solar PV panels with a total capacity of 4.56 MWp. Once commissioned, it is expected to reduce greenhouse gas emissions by over 3,200 tonnes per year at a group level.
"Due to the specifics of our activity, we have a considerable consumption of electricity, and the provision of a substantial part from internally developed renewable sources helps us in our sustained effort of decarbonization and the enforcement of environmentally friendly solutions," said Nicolae Rosu, operational director of TeraPlast.
The plant is due for completion at the end of June 2024.
The TeraPlast Group comprises parent company TeraPlast, TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast.
TeraPlast's shares traded 0.75% higher at 0.468 lei as of 0927 CET on August 29 on the Bucharest Stock Exchange.