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RFV to start €8.4 million renovation in Romanian city

Hungarian energy saving company RFV on Thursday said the local council of Gheorgheni, Romania, approved its acquisition of an 80% stake in the local district heating company SC Termoenergy. RFV will start a €8.4 million renovation of the town's district heating infrastructure through the newly acquired unit.

The 25-year contract will generate an annual HUF 700 million-HUF 800 million for RFV. RFV did not reveal the transaction price. RFV said it would complete the first phase of the renovation by November 1, 2009. (MTI-Econews)