{"id":76973,"date":"2023-04-12T02:45:05","date_gmt":"2023-04-12T02:45:05","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/04\/12\/romanias-hidroelectrica-will-use-upcoming-ipo-proceeds-to-boost-investments-in-renewable-projects\/"},"modified":"2023-04-12T02:45:05","modified_gmt":"2023-04-12T02:45:05","slug":"romanias-hidroelectrica-will-use-upcoming-ipo-proceeds-to-boost-investments-in-renewable-projects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/04\/12\/romanias-hidroelectrica-will-use-upcoming-ipo-proceeds-to-boost-investments-in-renewable-projects\/","title":{"rendered":"Romania\u2019s Hidroelectrica will use upcoming IPO proceeds to boost investments in renewable projects"},"content":{"rendered":"

<\/a> Romanian state-owned utility company Hidroelectrica is set to use proceeds from its upcoming <\/strong>IPO to expand partnerships with developers on new renewables projects<\/strong>, Bloomberg<\/a> reports. The company intends to pull the trigger on its IPO on the Bucharest Stock Exchange by June, which is expected to raise as much as EUR 2.3 bn from the sale of a 20% stake. The company\u2019s hydroelectric power capacity was pushed down by a prolonged drought<\/a> last summer, which has shifted the company\u2019s focus to investing in alternative energy sources including solar and wind, CEO Bogdan Badea said, according to Bloomberg.<\/p>\n

Pushing forward with or without EU funding:<\/strong> Although a sizable portion of the EUR 80 bn Romania will receive in the next four years from the EU will be earmarked for renewables projects, Hidroelectrica will maintain a bullish approach and not be \u201cbogged down in the red tape that can accompany energy projects,\u201d Badea told Bloomberg. The company will rely on its own purse and potentially raise debt as it pushes to increase production capacity and divest away from hydro power, he added.<\/p>\n

REMEMBER- Hidroelectrica has caught some regional interest lately: <\/strong>The company signed a cooperation agreement with the UAE\u2019s Masdar last month to develop offshore wind and floating solar energy projects in Romania that will generate some 2 GW of clean power<\/a>.<\/p>\n

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British oil giants partner on carbon capture: <\/strong>British oil companies Harbour Energy and BP have entered into an agreement to develop the Viking CCS<\/a> carbon capture and storage plant in the UK\u2019s Humber region, Reuters<\/a> reports. Under the agreement, Harbour would maintain its 60% share of the plant and BP would acquire a 40% stake in the facility, which is expected to have a carbon storage capacity<\/a> of 10 mn tons per year by 2030. The agreement follows the UK government\u2019s announcement<\/a> on funding two carbon capture clusters in the country that are capable of collectively sequestering some 10 mn tons of CO2 annually by the end of the decade.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n