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Tinmar to invest 150 mln. euro in renewable energy projects over the next three years

20 July 2023
Bogdan Tudorache

The Tinmar Group allocates a capital of approximately 150 million euro for investments in renewable energy for the next 3 years and wants to reach 1GW of projects owned and under management in the medium term, company officials claim. One of Tinmar’s strategic directions is represented by the implementation of joint projects with CE Oltenia, while the second investment component will be allocated to the purchase of operational parks. A third strategic direction envisages the development and construction of photovoltaic parks from scratch, including storage with batteries, Tinmar officials say.

“In the medium term, we want to exceed 1 GWP in owned or operated production capacities,” says Carla Corb – Marketing & Corporate Communication director – Tinmar Energy.

“Tinmar Group’s strategy, since 2011, has been focused on the establishment and development of renewable energy production capacities, practically following a staged course according to the multi-year plans established within the company. Thus, in 2012, the Group started the first stage of the investment plan, developing from scratch photovoltaic projects with an installed power of 50 Mwp.

During the last 3 years, the Tinmar Group continued its development strategy through a policy of purchasing photovoltaic parks in operation. The company has invested over 50 million euros in this regard, thus succeeding in doubling its installed capacity from the portfolio, currently operating over 105Mwp of power installed in photovoltaic parks,” adds Carla Corb.

“In line with the decarbonization and energy independence policies of the European Union, in order to be able to reduce our greenhouse gas emissions, it is necessary for energy from renewable sources to have a greater weight in the energy mix and to ensure greater energy efficiency. For this purpose, the Tinmar Group allocates for investments in renewable energy a capital of approximately 150 million euros for the next 3 years to continue the expansion policy.”

Thus, the company has three strategic investment directions. A first investment component refers to the partnership with the CEO to which the company will allocate over 50% of the investment capital. Thus, 4 photovoltaic power plants will be put into operation together with CE Oltenia – the installed capacity of 280 MWp, until 2025, to which is added a gas plant with an installed power of at least 475MW, until 2027.

For the development of this Partnership with the CE Oltenia Group, joint-stock companies Tinmar Energy and CE Oltenia were established, as follows: Project 1, SPV-type joint company, regarding the implementation of a photovoltaic park with an installed capacity of 83 MW – SE Rovinari; Project 2, SPV joint company, regarding the implementation of a 112 MW photovoltaic park- SE Turceni; Project 3, SPV joint company regarding the implementation of a park with installed power of 66MW Pinoasa, SE Rovinari; Project 4, SPV mixed company, regarding the implementation of a 19 MW photovoltaic park Bohorelu SE Rovinari;

Project 5, SPV Joint Company regarding the implementation of a block of at least 475 MW on natural gas at SE Turceni.

On Monday, in the presence of the Minister of Energy, Sebastian Burduja, the parties signed the financing contracts for the 5 projects.

The projects will benefit from financing from the Modernization Fund in the proportion of 70% of the investment value for the photovoltaic parks and 50% for the CCGT Turceni gas plant. According to the estimated calendar, the photovoltaic parks will be operational in 2024 and the gas plant in 2026.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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