Romania has become one of the most attractive renewable energy markets in Central and Eastern Europe, according to Alastair Hammond, CEO of Rezolv Energy, who says regulatory stability and institutional dialogue have driven a surge in investment.
“We chose to invest in Romania because it’s the second largest country in the region”, he highlighted at the “International Approach London” conference, organized by Energynomics in London. “It’s also a country that is actually very attractive to international investors primarily due to stability around the regulations,” Hammond said, pointing to the long-standing and predictable framework governing renewables and grid operations.
He talked about the consistent interaction between the regulator and the transmission system operator (TSO) as a critical factor behind the acceleration of renewable and battery storage projects in recent years.
Rezolv Energy has been one of the largest beneficiaries of Romania’s Contracts for Difference (CfD) scheme, with nearly 1 GW of wind and solar capacity awarded. The company is developing two major wind projects totaling around 1 GW and a 1 GW solar project, half of which was secured under the CfD mechanism. The firm has also acquired and is delivering what it describes as Europe’s largest solar project.
Currently, Rezolv’s Romanian portfolio totals 2.3 GW, representing an investment of approximately 2.3 billion euros. Hammond said the international banking community views Romania as a stable destination for capital, supported by significant foreign investment. Late last year, one of the world’s largest infrastructure investors joined Rezolv as a new shareholder.
Besides Romania, the company is also active in Bulgaria, with the 229 MW St. George solar plant, another testament of the strength of the sector in the region.
In Romania, the first 190 MW phase of a 460 MW onshore wind farm, among the largest in Europe using the latest turbine technology, is now coming online, while a second 260 MW phase backed by a CfD is already under construction. The +1 GW Dama project in Romania is now in the late development phase, with two large-scale financings and procurements underway.
Despite the progress, Hammond warned that continued expansion of renewables will require further structural changes. “There still needs to be investment in the grid,” he stressed, noting that intermittency remains a major challenge.
“I do think there’s a lot of work coming on about dealing with intermittency which is obviously the big elephant in the room. Batteries are part of that solution, as are more robust grids and hybridization,” he said, adding that current grid access rules mean photovoltaic plants may use only about 25% of installed capacity.
Looking ahead, Hammond questioned whether Europe will continue to roll out large-scale pure CfD schemes at the pace needed to sustain the energy transition. He argued that greater involvement from industry will be essential, but that companies currently struggle to make the long-term commitments required to underpin major investments. To maintain momentum, policymakers must create stronger incentives that enable industrial consumers to enter long-term power purchase agreements and support the next wave of renewable development, he concluded.
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.