Electrica to establish subsidiary that will develop and operate capacities to generate electricity from renewable sources

The Extraordinary General Meeting of Shareholders (EGMS) Electrica SA approved the participation of Electrica upon the establishment of a new legal entity – Electrica Producţie Energie.

Electrica Production Energy S.A. is organized as a joint stock company, a subsidiary of Electrica SA, in which it will hold a percentage of 99.9920% of the share capital, and FISE a percentage of 0.0080% of the share capital. The new subsidiary, Electrica Producţie Energie SA, will deal with the acquisition and development of projects for electricity generation from renewable sources, respectively the operation of energy generation capacities, cumulated with the development and operation of independent storage solutions that the company intends to develop future.

According to the strategy for the period 2019-2023, Electrica aims to expand in related fields and obtain synergies with the fields in which it operates, as well as to increase performance and strengthen the sustainability of economic results. These growth targets have been addressed by the inorganic growth projects carried out in the last two years, one of which has been successfully completed and others are currently underway. In addition to the acquisition of the Stănești Photovoltaic Park, in Giurgiu County, Grup Electrica has taken an important step towards implementing the group’s strategy of upstream integration of activities, by investing in renewable energy production capacity projects, by involving other three project companies that are developing a portfolio totaling an installed capacity of 207MW, composed of two photovoltaic parks in the Satu Mare area and a wind farm, which also includes an electricity storage capacity in the Dobrogea area.

In order to ensure an increased agility, which allows the optimal use of opportunities, Electrica has proposed the development of a portfolio of electricity generation capacities from renewable sources with a cumulative capacity of 400 MW, in parallel with storage capacities of electricity with an installed capacity of up to 100 MW.

“We remain consistent in our goal of creating medium and long-term value for investors and, in the context of profound and rapid changes in the energy market, we have proposed to our shareholders the establishment of this subsidiary dedicated to projects in the field of electricity generation technologies. from renewable sources. The extension of Electrica’s upstream activities will allow the development of the Group in the directions pursued by the approved strategy, as well as the consolidation of future revenues obtained from electricity generation, with beneficial effects on the company’s profit. In the context of the developments regarding the electricity storage solutions, the generation technologies from renewable sources represent a viable solution from a financial point of view, especially since the Romanian energy market is facing a supply deficit “, said Corina Popescu, General Manager of Electrica SA.

Also, within the EGMS, the shareholders approved the establishment of the Electrica Foundation, an independent organization, established in order to get involved in social responsibility activities throughout Romania.