Romania's Hidroelectrica has granted a 189 million euro contract for the modernization of hydroelectric power plants.

Romanian state-owned hydropower producer Hidroelectrica has signed a contract worth 188.5 million euros ($219.2 million) for the refurbishment of its Raul Mare Retezat hydropower plant. The agreement was awarded to a consortium that includes Austrian company Andritz Hydro and Spanish firm Cobra Instalaciones y Servicios. The project also involves several subcontractors, such as Las Prom and GD Masini de Ridicat.

The contract's value was initially set at 193.3 million euros. The Raul Mare Retezat HPP has an installed capacity of 335 MW but has been limited to approximately 200 MW since it began operations due to outdated equipment. The refurbishment aims to unlock an additional 135 MW, thereby enhancing the plant's operational efficiency.

Hidroelectrica is the largest producer of renewable energy in Romania, managing a portfolio of over 6.3 GW. The Romanian state owns an 80.06% stake in the company, with the remaining shares available for trade on the Bucharest Stock Exchange.

Following the announcement, Hidroelectrica's shares saw a modest increase, closing 0.78% higher at 181 lei ($40.1/34.5 euro) on May 21.