Tinmar Borrows EUR10M From Garanti Bank To Refinance Solar Power Plant Investment

Tinmar

Publication: Ziarul Financiar

Provider: ZF English

December 4, 2013

Garanti Bank Wednesday said it granted a EUR10 million loan to Romanian power supplier and energy trader Tinmar to refinance its investment in a solar power plant.

The loan, which was granted for a ten-year period, makes up 70% of Tinmar’s overall investment of EUR15 million in the power plant.

The 10-megawatt plant, located in Bucsani (in southern Giurgiu county), is part of a 18.5-megawatt solar power park and was developed on a 24-hectare plot. The plant consists of 41.624 photovoltaic panels.

“The demand for corporate loans has been on upward trend in the first three quarters of 2013. (…) The bank granted loans worth EUR50 million in the first nine months of the year for renewable energy projects,” Cagri Memisoglu, deputy general manager of Garanti Bank, said in a statement Wednesday.

Adrian Pavelescu, head of Tinmar Group’s renewable energy department, said Tinmar’s portfolio includes several photovoltaic parks with an installed capacity of 50 MW.