MyEnerji plans to develop 150 MW of photovoltaic capacity and 350 MW of battery storage in Romania over the next three years, backed by a mix of private capital and institutional financing, Mehmet Yukselen, President and CEO of the company stated.
“Romania has been a welcoming country for investors so far, and I hope it will remain so. All our projects are becoming co-located – PV plus batteries. Storage can generate revenues from the beginning. Over the next three to five years, as electricity prices potentially decline, batteries will act as an insurance mechanism for PV assets”, Yukselen said at the “International Approach London” conference, organized by Energynomics in London.
Yukselen, who holds a 50 MW portfolio of small solar power plants in Turkey and is active in EPC and electricity trading, set a 2 GW European expansion target in 2023, with an interim goal of reaching 250 MW within five years, and Romania has become the first major step in that strategy. The company has already acquired three projects in Romania, with the first one built alongside a small internal team. The first phase of the plan includes installing 100 MW of battery capacity by 2026 and the second quarter of 2027. The broader three-year target is 150 MW of solar and around 350 MW of battery storage in Romania.
Financing comes primarily from the company’s own funds, supplemented by loans from financial institutions.
Yukselen also points to growing interest from Turkish investors in Romania’s energy market. He recently sold a 65 MW project to a Turkish investor seeking diversification into the European market, starting with Romania. While acknowledging the significant pipeline of new renewable capacity under development in Romania, Yukselen believes the potential downward pressure on electricity prices over the next two to three years will be limited.
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His investment thesis rests on two structural factors: the gradual phase-out of coal-fired generation and upcoming nuclear maintenance cycles over the next five to ten years, both of which could reduce available capacity. In addition, export opportunities toward Ukraine and Hungary may help absorb excess supply.
The conference “International Approach London” was organized by Energynomics, with the support of the Embassy of Romania to the UK and the British Embassy in Romania, together with our partners: AJ BRAND, Electrica, Monsson, MyEnerji, Nofar Energy, Waldevar.