Swiss businessman Jean Valvis, creator of Dorna and LaDornabrands, says he has everything ready to start a renewable energyproject worth over 100 million euros, including financing frombanks, but that the lack of a legal framework creates unjustifiabledelays to the start of the project.
"It is unacceptable that a year and a half after Law 220 waspublished, in October 2008 (the law that regulates renewable energygeneration), enforcement guidelines have not been published yet. Ithas never happened to me to have a feasibility study completed,funding available from banks, land, and properties, but not be ableto make a decision because of the absence of a legal framework."The businessman says the energy project will be financed by severalbanks.
"Banks come to me and say 'We can give you 15-20 million infunding' and I say I have to wait until the law is clarified. Werethe guidelines published in March, I would start the project thesame month."
Loans from banks amount to over 70 million euros, according toZF estimates, with Valvis saying the funding structure will be thesame as the one used for his mineral water business.
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