Global renewawbles developer Econergy and partner Nofar Energy have completed the acquisition from Portland Trust of the Ratesti ready-to-build 155MW solar farm in northwest Romania.
The total investment in Ratesti will be €100m and will see Econergy and Nofar Energy each acquire a 50% stake in the project from Portland Trust.
Econergy will also provide the management services, including EPC and O&M negotiations, construction management and power purchase agreement 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.
Ratesti has received all its required permits and construction is due to start in the fourth quarter of 2021, with commercial operations expected to begin in Q4 2022.
Econergy chief executive Eyal Podhorzer said: “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.
“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.”