Romania’s insolvent power plant sold for 27 million euros

The Centrala Electrica de Termoficare, owned by CET Arad SA – an insolvent company in the EUROSMART portfolio – is located in Romania and has been under conservation since the end of 2021. Recently, during the observation period, the plant was successfully sold at an open public auction for 27 million euros, representing 90% of its market value.

Silvana ŞERMER, the Managing Partner of EUROSMART, emphasized that achieving this transaction was a significant challenge for the Eurosmart team, considering the ongoing energy crisis and navigating the Romanian insolvency law, especially in the absence of any confirmed reorganization plan. Nonetheless, they managed to avoid selling the Bankruptcy Plant at its liquidation value.

The plant covers 9 plots of land, totaling 35.6 hectares, in Romania. Its infrastructure includes a natural gas-operated boiler with a capacity of 420 t/h, a DSL-50-1 turbine, a 110 KV power station, and three 25 MVA electrical transformers for general and group services. Furthermore, the plant is connected to the Romanian national energy system through its own 110 KV substation, boasting a capacity of 450 MVA through 5 110 kV lines, as reported by a reliable source.

Throughout the insolvency procedure in Romania, investments of approximately 1.3 million euros were made to enhance the thermal and electrical energy production source’s performance and efficiency through retechnology. As a result of these investments, the turbine qualified for providing system technological services for the rapid tertiary reserve, as stated in the release.

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