Econergy, a leading investor, developer and operator in renewable energy projects across Europe has announced the completion of an acquisition from Portland Trust of a ready-to-build 155MW photovoltaic (PV) project in northwest Romania, together with Nofar Energy.
The total investment in the Rătești solar project will be of EUR 100 million and will see Econergy and Nofar Energy acquire a 50% stake each in the project from Portland Trust. Econergy will also provide the management services, including EPC and O&M negotiations, construction management and PPA and project finance management. Once operational, Econergy shall also provide a long-term Asset Management service.
The 155MW project will be the largest solar plant in Romania and will form part of Econergy’s 1.5GW solar pipeline under development in the country and part of its 6GW pipeline in Europe. The project has received all its required permits and construction is due to start in Q4 2021, with commercial operations expected to begin in Q4 2022.
Upon completion the project is expected to provide power for up to 100,000 homes and will mitigate 168,000 tonnes of CO2, further supporting Romania’s decarbonisation target – of securing over 30% of its energy needs from renewable sources by 2030.
“Econergy are pleased to be leading the development and construction of the largest solar PV project in Romania. Solar is a core technology for Econergy and will form a key part of our strategy to develop renewable energy projects across Europe in the coming months. Romania represents a key target geography for Econergy, and this acquisition builds on our reputation as a leading developer in the Romanian solar market with strong local development, management, and engineering specialisms,” says Eyal Podhorzer, CEO of Econergy.
“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.”