Ciurtin&Associates involved in two of the biggest photovoltaic projects in Romania

Ciurtin&Associates assisted the Italian company Merloni Progetti in one the biggest projects implemented in Romania in the sector of solar appliance.
The company Merloni Progetti, as a contractor of EPC, recently finalised a turnkey delivery contract for building to photovoltaic facilities having a total capacity of 17MW. Ciurtin&Associates realized and updated within different relevant stages the due diligence report of the installed projects and erected and secured both the financing facility of “bridge” type and the long term facility.
Mr. Adrian Ciurtin declared to be “honoured” to collaborate with the reputed company Merloni Progetti and having a contribution their clients’ portfolio development.
The two solar parks installed by Merloni Progetti, at the order of an important local investor and operator are located in the southern part of Romania, at a distance of approximately 200 km from Bucharest and have a total surface of 110 000 square meters. The facilities were built using Italian and foreign material and components and will produce about 22 million kWh green energy/ year. It will be entirely conducted to the network and it will accelerate the time needed for achieving Romania’s competence objectives in the field of environmental protection.
The success factors of the project were determined by a well-defined and innovative financing scheme, the leasing and credit instrument of bridge loan type, which Merloni Progetti, together with a renowned Italian financing institution managed to improve, by overcoming the present burdens on the financial market.
Mr. Carmine Biello, Delegated Administrator of Merloni Progetti also underlined Romania’s high potential regarding renewable energy.

When it was established in 1973, with the name Merloni Progetti, changed into Progetti International on May 2013, the company gave itself a goal and a task: to export technological know-how and to build production plants, particularly in those frontier markets where the lack of technological experience applied to production was a deficit that could be remedied only by a company with engineering, managerial and industrial skills. At present time, the capacity installed in Romania doesn’t exceed 80 MW, although the country shows a high potential in this field of energy. The company has more than 100 plants in over
26 countries and owns offices in Milan and Moscow.

Sources: internal documents and www.progettiinternational.com/en/societa.php

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