BUCHAREST – Romanian state-owned gas producer S.N.G.N. Romgaz S.A. (BVB: SNG) has announced an extension to the completion and commissioning period for its Iernut “Combined cycle CCTG power plant” investment, with the new deadline set for June 30, 2025. This follows an amendment to the government decision that extends the National Investment Plan (NIP) terms.
The company, which is also listed on the London Stock Exchange (LON:) (LSE), disclosed this development through an addendum to its Financing Contract initially signed on December 7, 2017. The recent government decision, numbered 1.489 and dated November 21, 2024, modifies the former decision 1.096/2013, which provided for the transitional free allocation of CO2 certificates to electricity producers for the period 2013-2020.
The Addendum no. 10, which was signed by both parties and registered at Romgaz on December 23, 2024, not only extends the project completion date but also adjusts the reimbursement period for investment expenses to December 31, 2025. This move is aimed at modifying the financing terms and the investment schedule as stipulated in the original contract.
The Iernut power plant project, which has been a subject of previous reports, including one on December 11, 2017, is part of Romania’s efforts to modernize its energy infrastructure. The CEO of Romgaz, Răzvan Popescu, confirmed the addendum’s conclusion, which aligns with the company’s strategy and complies with the relevant financial instruments and market operations laws.
This adjustment in the investment timeline is significant for stakeholders and investors, reflecting the ongoing commitment to completing the power plant project within the revised timeframe. The project’s progress and its implications for Romgaz’s operations will continue to be monitored by the market and industry observers.
The information in this article is based on a press release statement from Romgaz.
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