GarantiBank refinances one of the largest solar park projects in Romania
GarantiBank, one of the most innovative and dynamic banks on the local market and owned by Turkiye Garanti Bankasi-in top 20 strongest banks in the world according to Bloomberg, granted a refinancing amounting to EUR 10.35 million to Tinmar, one of the most important private power suppliers in Romania, for a 10 MW photovoltaic power plant in Bucsani, Giurgiu. This project is part of a 18.5 MW solar park - one of the largest in Roma
2013-12-05 14:36:21
The loan refinances 70 percent of the total EUR 15 million worth investment and it was granted for close to 10 years.
"In the first three quarters of 2013, we have noticed an increased appetite for loans in the corporate segment. GarantiBank is very active in this area, including short & long term lending, thus we have had positive results from the corporate line of business. In respective to the renewable energy sector in Romania, we are very determined in building long term relationships. In the first nine months of 2013, we offered lending exceeding EUR 50 million to corporate customers for green energy projects", stated Cagri Memisoglu, Deputy General Manager GarantiBank.
The project is developed in Giurgiu county, Bucsani village on a surface of 24 ha. The installed capacity of the photovoltaic power plant is 10 MWp and consists in 41,624 photovoltaic panels, thus being one of the largest functional solar parks in Romania.
"When Romania signed the European 2020 protocol, Tinmar Ind, as one of Romania's biggest suppliers, faced an uncertainty in relation to the pricing and forecasting tools in relation to its supplying business.
However, we decided to analyze and see these changes as an opportunity for Tinmar to become vertically integrated and we have put our best efforts into the solar segment. The business environment created on this segment, its very accurate production forecast and the weather optimal conditions in Romania made this segment to become one of our primary investment focus. Currently we have in our portofolio several photovoltaic parks, with an installed power of 50 MWP and we are looking to make more acquisitions", stated Adrian Pavelescu, Director of Renewable Energy Division within Tinmar Group.
GarantiBank Romania is part of the financial banking Group Garanti Romania, which reunites Garanti Leasing (the brand under which Motoractive IFN SA operates), Garanti Consumer Finance (the brand under which Ralfi IFN SA operates) and Garanti Mortgage (the brand under which Domenia Credit IFN SA operates). GarantiBank is a universal bank owned by Turkiye Garanti Bankasi A.S. (TGB), the most profitable and the second largest private bank in Turkey, in terms of assets.