Small investors in renewable energy who approach the merchant market without solid strategic partners risk significant losses, warned Alina Ștefan, Chief Commercial Officer of Enexus Renewable, at the Energy Strategy Summit 2026, organized by Energynomics.
“We do not recommend an opportunistic mindset, especially for small players, because you can lose enormously. With small amounts, you lose immediately,” said Ștefan.
She explained that results in the merchant market critically depend on the operating partner, the positioning of the asset in the grid, and the ability to manage large volumes. “Where you have very large volumes, you also have much better revenues,” she added, emphasizing that technical and commercial details make the difference between a profitable asset and one that loses money.
In this context, Enexus has taken on the role of educator and intermediary between investors and banks, in addition to being an EPC. The company conducts a detailed KYC (Know Your Client) for each investor, assessing their business maturity and level of understanding of the Romanian market before calibrating their expectations.
Regarding financing, Alina Ștefan recommended that smaller investors build on debt and refinance later. An operational project can attract bank financing of up to 70%, compared to about 50% during the construction phase, while also reducing the opportunity cost lost in prolonged bureaucratic processes with banks.
Enexus has grown from 2 million euros in revenue in 2023 to 50.7 million euros in 2025, with 15 completed projects connected to the grid. Most investors in the portfolio are recurring and come from Turkey, Ștefan also mentioned.
Energy Strategy Summit 2026 was organised by Energynomics, with the support of our partners: Elektra Renewable Support, 4P Renewables, ABB, Alive Capital, Atmoce, Baringa, BCR, Big Store, Capalo AI, CBRE Romania, Distribuție Energie Electrică România, Eastship, Distributie Oltenia parte din Evryo, Eaton Electric, Electrica Furnizare, Electroalfa, Electroprecizia, EnergoBit, Enery, Enexus, Eurowind, Evryo, Exim Banca Romaneasca, Hagag Energy, KStar, LONGi, MBK Power Energy, MET Romania Energy, Monsson Trading, Nextpower, OX2, Romgaz, Schraubram, Sigenergy, Softenerg WEBUS 4 ENERGY, Solar Today, Sunotec, TBEA, Think Blu Solution, Transelectrica, Waldevar Energy, WTW Romania. Coffee Break Partner Enerta. Lanyard Partner Monsson Operation. Beverage Partners Aqua Carpatica, Alexandrion. Digital Partner Imsol. Mobility Partner BlackCab.