Lighting the way to stronger solar resource capacities in Romania
Fully aligned with the European Union's Solar Energy Strategy, Romania is committed to increasing its photovoltaic renewable energy production.
Sitting at the crossroads of Central, Eastern and Southeastern Europe, with an average of 210 sunny days per year, it is well positioned to meet its goal of achieving 8 GW in solar energy capacity by 2030.
Vrancart, one of the main players in the corrugated board and sanitary paper market in Romania founded in 1977, has constantly proven its involvement in environmental protection activities by developing collection, recycling, production, and service capacities, thus becoming one of the main players on the market that offers integrated services to bring packaging waste back to life.
As part of the Vrancart Group's sustainability objectives to strengthen its solar resource capacities and lower the carbon footprint of its production, it reached out to BRD, the Group’s universal banking subsidiary in Romania, to secure a loan for the development and operation of a photovoltaic park.
In October 2023, BRD granted Vrancart a loan for EUR 16 million to build and install this photovoltaic park with an installed capacity of 20.5 MW. The project involves the installation of 31,680 solar panels and will be located adjacent to the municipality of Adjud on a 29-hectare site.
The loan granted by BRD provides exclusive financing for the development and operation of the photovoltaic park, which will reduce the company's CO2 emissions by 15,898 tonnes annually. The energy produced by the photovoltaic park will be consumed by the company in its production process, and the surplus will be delivered to the national electricity transmission and distribution grid.
BRD acted as Sole Financing Bank, Hedge Provider, and Account Bank for the EUR 16 million loan.
Evolving naturally, in line with the investment dynamics we have assumed and the development potential we have already demonstrated, but also following the sustainability guidelines and current policies for green energy, Vrancart is initiating this project whose impact will be significant both for the company and for the community. We thank BRD Groupe Societe Generale for their partnership and support.
We support Romanian companies in their development and sustainable transition, and the project carried out by Vrancart S.A. is an example of adaptation to the current economic context, one that requires particular flexibility and long-term vision.