Valvis says he has funding from banks for an energy project

Swiss businessman Jean Valvis, creator of Dorna and LaDorna brands, says he has everything ready to start a renewable energy project worth over 100 million euros, including financing from banks, but that the lack of a legal framework creates unjustifiable delays to the start of the project.

"It is unacceptable that a year and a half after Law 220 was published, in October 2008 (the law that regulates renewable energy generation), enforcement guidelines have not been published yet. It has never happened to me to have a feasibility study completed, funding available from banks, land, and properties, but not be able to make a decision because of the absence of a legal framework." The businessman says the energy project will be financed by several banks.

"Banks come to me and say 'We can give you 15-20 million in funding' and I say I have to wait until the law is clarified. Were the guidelines published in March, I would start the project the same month."

Loans from banks amount to over 70 million euros, according to ZF estimates, with Valvis saying the funding structure will be the same as the one used for his mineral water business.