Romanian engineering company Adrem Invest is to build a EUR60 million (US$85 million) cogeneration project in Suceava, Romania with completion scheduled for 2014.
Adrem will be operating as part of a consortium with local utility Termica Suceava and the local Suceava mayoralty.
The thermal power will go to the city and the electric power will be sold by Adrem Invest on the free market, with the company set to take-over around 100 of the 500 employees of the old thermal power station in Suceava.
This will be the first electrical and thermal power generation project for Adrem, a family business started in the early 1990s by two brothers in Bucharest, and is particularly known for contracts with utilities such as CEZ.
“We were the only bidders and decided to enter this project for several reasons. First, winters are long in Suceava, lasting for over six months. Secondly, the city has a heating system with small transport distances, therefore entailing small losses,” said Adrian Bodea, chairman and founder of Adrem Invest.
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