Vrancart to build 20 MW PV park in Vrancea County

Alina Oprea

29 September, 2023 at 4:13 PM

Vrancart, the producer of corrugated cardboard, signed a financing contract with the Ministry of Energy, through the National Recovery and Resilience Plan (PNRR), in order to build a photovoltaic park with a power plant, in the town of Adjud, Vrancea County. The total value of the project is RON 96.87 million (€19.37 million) without VAT, of which the maximum non-refundable eligible value is RON 28.95 million (€5.79 million) without VAT. That project has the ultimate goal of developing and operating a modern green energy production facility with an estimated installed capacity of 20 MW.

The investment "represents a significant step by the company to implement its sustainable development strategy", according to a company announcement.

The company from Adjud reported total revenues of RON 236.2 million (€47.24 million) in the first half of 2023, down 16% compared to the same period in 2022, and a net profit of RON 8.54 million (€1.7 million) down 32%.

In the period January-June 2023, the company made investments of RON 25 million (€5 million), increasing by 37%.

Vrancart has a capitalization of almost RON 200 million (€40 million) and is 75.5% controlled by Lion Capital, while Paval Holding has a 17.2% stake.

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