Aluminium producer receives funding for gas-fired cogeneration power plant

Aluminium company Vimetco could receive a EUR 207m loan from the European Bank for Construction and Development (EBRD) to build a new gas-fired cogeneration power plant in Romania.

If Vimetco Power Romania gets the EBRD loan, which is pending final review and would cover 75 percent of the project costs, it would become the first project finance transaction in private conventional power generation in Romania.

The EBRD board is scheduled to meet in May 2012, when the results of the final review are expected.

Provided the project is approved the power plant should be built and commissioned between 2012 and 2014. The power and the heat produced by the EUR 27m plant will be sold on the Romanian market, as well as cover part of the needs of the Vimetco group in Romania.

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