Romania's TeraPlast Group seeking EU co-financing for 4.56 MWp PV plant

• Romanian building and construction materials maker TeraPlast Group stated that it is seeking co-financing with the National Recovery and Resilience Program, PNRR, for a 19 million lei ($ 4 million/3.8 million euro) financial investment in a 4.56 MWp photovoltaic (PV) power plant.

The photovoltaic plant will certainly be located in TeraPlast's Saratel Industrial Parc in Bistrita-Nasaud county, the group said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.

The application was submitted in the PNRR online platform alongside greater than 650 other projects.

" This enthusiastic project allows us to reach 2 of our tactical goals. Initially, it is an indispensable part of our lasting advancement program and also will dramatically decrease the carbon footprint as committed. This project will decrease the annual CO2 emissions by 3,200 tones CO2 equivalent," TeraPlast Group COO Nicolae Rosu claimed.

" In addition, we will certainly likewise raise our competitivity by reducing the energy costs as well as we will certainly be hedged from the energy market volatility. This is a lot more vital taking into consideration the complex market context we're undergoing, and which has a tendency to get irreversible."

The project will certainly take one year to complete.

Romania is set to receive 29.2 billion euro in overall under the RRF, consisting of 14.2 billion euro in grants and also 14.9 billion euro in finances.

TeraPlast Group's moms and dad business TaraPlast SA [BVB: TRP] said in May it plans to start the building of a new stretch film manufacturing unit this year, adhering to a 11.2 million euro financial investment co-financed with state-aid. The plant will be situated in Saratel Industrial Parc.

TeraPlast Group consists of TeraPlast SA, TeraGlass, TeraPlast Recycling, TeraBio Pack and Somplast.

Blue-chip TeraPlast SA's shares traded 0.29% greater at 0.6920 lei as at 1514 CET on Thursday on the Bucharest Stock Exchange.