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Power station of 170 million euro developed by the Japanese group Marubeni and ELCEN put to function starting with 2017
ELCEN, the biggest producer of thermal energy in Romania and Marubeni Corporation in Japan signed on Tuesday the contract for the setting up of the joint venture which will build a power station at Fantanele (Mures county), the investment of 170 million euro being finalised in 2017.
The joint venture SC Fantanele Gas Power SA will be owned 90% by Marubeni Corporation,the rest of 10% of the shares will belong to Electrocentrale Bucuresti. The gas power station will have a capacity of almost 250 MW and the newly created company will function as an independent energy producer (IPP), the ELCEN press release shows.
‘The implementation of the project in Fantanele in collaboration with Marubeni is beneficial not only to ELCEN but to the National Energy System. The flexibility and efficiency of the technical solution presents the system with a source for the balane and the necessary capacity as reserve to the renewable sources’ stated in the press release the general manager of ELCEN Gabriel Ignat.
The signing of the documents for the setting up of the joint venture was attended by the general manager of ELCEN, Hiroshi Tachigami, the chairman of the Marubeni Europower as well as other representatives of the two companies and the authorities. ‘Fantanele is our first project of investment in infrastructure in Romania and we are delighted to reach this stage of development as part of the long term strategy for more significant participation in Central and Eastern Europe. Marubeni Europower is to extend its presence in Romania and this pilot project can demonstrate the stability, safety and functionality of a market of energy which tends to become an independent energy system’ stated in his turn the chairman of Marubeni Europower.
The project means the development of some electricity production units fuelled with gas, placed on the premises of the former Fantanele Termocentrale which at present is no longer in use.As regards the funding, almost 30% of the capital will be present in cash to the social capital of the joint venture, the rest being ensured through loans from credit institutions and/or commercial banks. ELCEN will contribute with goods in kind, the necessary land for the project and access to utilities.
ELCEN is the biggest thermal energy producer in Romania (40%) and in Bucharest (85%)and covers 4.8% of the electricity produced at national level.The company was set up in December 2002 as a branch of Termoelectrica and is owned by the ministry of economy through the Department for Energy.
In 2013 ELCEN recorded a turnover of approximately 1.7 billion lei (380 million euro) and a net profit of 51 million lei (11.7 million euro).
ELCEN will divide and transfer parts of the assets to two companies newly set up Electrocentrale Constanta and Electrocentrale Titan which will belong to the local authorities and the company will be joined to RADET.
Funded in 1858 in Japan, Marubeni Corporation is an industrial mixture which covers different sectors, including infrastructure, energy, transport, constructions, finances, retail, textile industry, cellulose industry, real estate, logistics and IT. In the fiscal year closed on 31 March 2014, Marubeni obtained income of over 100 billion dollars and an operational profit of over 2 billion dollars.
Marubeni Europower is the European division of Marubeni Corporation for the development of the IPP projects. In Romania, the company has been present since 1975, being involved in different projects in the domain of chemical and metallurgical industry.