By Iulian Ernst in Bucharest Romanian hydropower group Hidroelectrica aims to spend RON1.4bn (€281mn) over the next four years on upgrades, modernisations and acquisitions, the company announced at its first investors meeting since its listing on the Bucharest Stock Exchange. The investments may end up being even higher (which doesn’t bode well for investors’ dividends), as the state of the equipment may require unplanned refurbishment works – as was recently the case with Hidroelectrica’s main hydropower plant. The company projects RON10.67bn revenues this year, 12% down y/y on base effects a…