Electrocentrale Bucuresti (ELCEN), the largest producer of termic energy in Romania, has signed a EUR 170 million joint venture agreement with Marubeni Corporation on July 29 to build a gas heating plant of approximately 250 MW in Fantanele, Romania.
The company resulting from the joint venture, Fantanele Gas Power, will be 90% owned by Marubeni Corporation, and the remaining 10% will be owned by ELCEN. The plant will operate as an independent energy producer. In signing the deal, the Marubeni Corporation was assisted by Tuca Zbarcea & Asociatii. The firm’s team was led by Partner Sorin Vladescu.
The new company will be listed in the Commerce Registry in August, 2014. According to current estimates, the construction of the plant will take approximately 18 months. Commercial exploitation of the new plant is planned for 2017.
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