ICBC pledges to finance for Tarnița-Lăpuștești Hydropower Plant Modernization Project

In 2014, the Industrial and Commercial Bank of China (ICBC) signed a Memorandum of Understanding (MoU) with the First Deputy Prime Minister of Romania. According to the MoU, ICBC will treat Romania as an important strategic region in Eastern Europe and will provide financial services to Chinese companies with investments, projects, and import or export businesses in Romania. The Government of Romania will play the role of an organizer and a coordinator to actively create a favorable business environment for ICBC. According to a report by the Investment Promotion Agency of the Ministry of Commerce of the People’s Republic of China, ICBC will finance the Tarnița-Lăpuștești Hydropower Plan but no details have been finalized. However, in 2016, the government in Bucharest was considering abandoning the Tarnița-Lăpuștești Hydropower Plant, which has a reported cost of 1 Billion EUR, in favor of several smaller hydropower plants. Tarnița - Lăpuștești Hydropower Plant is a proposed hydroelectric pumped-storage project on the Someșul Cald River in Cluj County, Romania. If built it would be the largest hydro-electric load balancing system in Romania.

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