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Monsson Group’s Romanian subsidiary got EUR 43 M from China Development Bank

Mireasa Energies SRL, part of Monsson Group, controlled by Swedish businessman Emanuel Muntmark, one of the largest developers of wind farms in Romania, has contracted in November last year, a loan of EUR 43 million from state-controlled banking giant China Development Bank Corporation for 50 MW Mireasa 1 wind park in Dobrogea, profit.ro informs.

More exactly, the local subsidiary signed a credit agreement on November 23, 2015, three months before Monsson Group to announce that it will remove Targusor’s turbines, another wind farm in Constanta, of 27 MW, because it became unfeasible financially.

The loan was granted by the Chinese state bank with the guarantee of a Romanian company’s provider, another Chinese company – Goldwinds International Holdings, which delivered in 2013, the 20 turbines that make up the Mireasa 1 wind farm for RON 220.3 million.

Mireasa Energies SRL finished last year with losses of RON 8.2 million and a turnover of RON 27.9 million.

This March, Mireasa Energies SRL provided additional guarantees for the EUR 43 million loan directly to China Development Bank Corporation.

Local subsidiary of Monsson Group has also mortgaged in favor of the Chinese bank the accounts opened at Garanti Bank and the equipment and infrastructure elements of Mireasa 1 wind farm.

About Anca Bernovici