Renewables developers Econergy and Nofar Energy have completed the acquisition of a 155MW ready-to-build solar project in Romania from real estate developer Portland Trust.
Located in the northwest of Romania, the Rătești plant will be the country’s largest solar installation to date, according to Econergy, and will require a total investment of €100 million (US$116 million).
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Econergy and Nofar Energy have both acquired a 50% stake in the project, with the former providing EPC and O&M negotiations, construction management as well as PPA and project finance management.
The plant has received all required permits and construction is due to start in Q4 2021, with commercial operations slated to begin in Q4 2022. Once operational, Econergy will also provide asset management services.
Econergy CEO Eyal Podhorzer said Romania represents a key market for the company, which currently has a 1.5GW solar pipeline under development in the country.
“Part of our forward-looking strategy will involve continuing to invest in clean energy projects in markets such as Romania where changes to the regulations allow the industry to expand via PPAs, diversification of services to the grid and the introduction of other renewable energy technologies,” Podhorzer said.
Romania’s installed solar PV capacity at the end of 2020 was 1.4GW, according to trade association SolarPower Europe, and recent developments in the country have seen Polish developer R.Power enter the market and Greek industrial group Mytilineos acquire a 90MW solar portfolio.
PV Tech publisher Solar Media is hosting the Large Scale Solar: Central & Eastern Europe conference between 16 – 17 November 2021 in Warsaw, Poland. The event will bring together developers, EPCs and other solar stakeholders in the CEE region. More information, including how to attend, can be read here.