Mintia: €134.37m Shareholder Debt Converted to Equity — NRG-IA

Mass Global Energy Rom, the company building the new gas-fired power plant in Mintia, has converted €134.37 million of its shareholder's receivables into equity. This transaction substantially alters the developer's financial structure just as the 1.7+ GW energy project transitions from construction and testing to commercial operation. The decision was made on February 25, 2026, and subsequently published in the Official Gazette. The RON 684.13 million does not represent a new cash injection into the company; rather, these are funds previously loaned to the Romanian developer by shareholder Ahmad Ismail Saleh, which had been recorded as company debt prior to this transaction. The conversion follows another major financial development. On January 6, Emirates Islamic announced a $500 million structured financing package for Mass Group Holding, earmarked for the Mintia project, which the lender values at approximately €1.2 billion. The officially designated beneficiary of the financing is the group, rather than the Romanian entity Mass Global Energy Rom directly. Together, these two transactions outline the financial architecture of one of the largest energy projects currently under construction in Romania: capital initially provided by the shareholder, subsequently converted from debt to equity, and large-scale external financing secured at the group level. €134 million moves from debt to equity The converted receivable stems from several loans totaling approximately €134.37 million granted to the Romanian company by Ahmad Ismail Saleh between 2022 and 2023. A significant portion of these funds was made available prior to and during the acquisition of the assets of the former Mintia thermal power plant, which was purchased for approximately €91.2 million. Under the February resolution, the equivalent of around €33.24 million (RON 169.26 million) was used to increase the share capital. The remainder, approximately €101.13 million (RON 514.87 million), was recorded as a share premium. Consequently, the share capital of Mass Global Energy Rom increased from approximately RON 4.34 million to RON 173.6 million. From an economic standpoint, this mechanism differs from a simple debt forgiveness. The company's obligation to repay the €134.37 million to the shareholder is extinguished, and the same value is transferred to equity. The shareholder is no longer a creditor for this amount, but instead commits the capital to the investment. While the transaction does not inject an additional €134 million into the developer's accounts in February—since the funds had already been provided—it substantially alters the balance sheet structure by reducing debt and increasing the capital base by the same amount. The developer's balance sheet reflects the scale of the investment At the end of 2025, Mass Global Energy Rom reported approximately RON 7.19 billion in debt, at a time when the plant's construction was absorbing massive amounts of capital. The company held around RON 4.41 billion in non-current assets and approximately RON 2.63 billion in current assets, of which nearly RON 2.17 billion was cash and cash equivalents. However, equity was negative, standing at approximately minus RON 148 million. The RON 684.13 million conversion is large enough relative to these figures to radically alter the equity structure, although the final impact on the 2026 balance sheet can only be measured once the new financial statements are published, which will also reflect interim financing, payments, and investments. For a project exceeding one billion euros that is nearing the operational phase, reducing shareholder debt and strengthening equity creates a more robust financial structure. However, available public documents do not indicate that this recapitalization was a condition imposed by Emirates Islamic, or that there is any direct contractual link between the debt conversion and the $500 million financing. The $500 million credit facility is at the Mass Group Holding level The distinction between the entities involved is significant. In January, Emirates Islamic officially announced a $500 million financing package for Mass Group Holding, earmarked for the Mintia project. The bank's public communications do not name Mass Global Energy Rom as the direct borrower, nor do they disclose details regarding the facility's maturity, cost, collateral, drawdown schedule, or the amount actually utilized to date. Consequently, the $500 million figure cannot be mechanically added to the €134.37 million as if both represented new funds entering the Romanian company simultaneously. The former is external financing announced at the group level, while the latter transaction converts historical shareholder loans from debt into equity. Together, however, these two developments signal the project's transition into a new financial phase, where the initial investment—heavily backed by the shareholder—is supplemented by external institutional financing,…