CEC Bank, Exim Banca Romanească grant EUR 55 million financing for new Bucharest district heating plant CET Titan

CEC Bank and Exim Banca Românească have signed a RON 289 million (EUR 55.15 million) financing agreement for the development of the combined heat and power (CHP) plant CET Titan.

The new CET Titan plant will be the first district heating power plant built from scratch in Bucharest since 1979. It is meant to “help strengthen the capital’s energy security, increase energy efficiency and reduce its environmental impact through the use of modern cogeneration technologies.”

The investment is being carried out by Titan Power S.A., a project company majority-owned by SAPE S.A. and minority-owned by Electrocentrale Grup S.A., companies under the coordination of the Ministry of Energy. Electrocentrale Grup S.A. is currently undergoing a merger by absorption with SAPE S.A.

The plant is expected to generate approximately 400 GWh of electricity annually, to be supplied to the National Energy System, as well as around 200 GWh of heat per year for Bucharest’s centralized district heating system.

The plant will use modern natural gas-fired cogeneration technologies, reducing specific fuel consumption and greenhouse gas emissions, according to a description of the project. At the same time, it is designed to allow for the future use of lower-carbon fuels, including natural gas-hydrogen blends.

Law firm NNDKP provided legal assistance in structuring and implementing the transaction.

(Photo: Ginasanders | Dreamstime.com)