Commercial operations have begun at the 155MW Ratesti Solar Project in Romania.
The PV site, owned by Israeli companies Econergy and Nofar Energy, is the largest of its kind in the country and south-east Europe and represents an investment of €102m.
The array is set to begin supplying full-scale electricity to the grid in the coming weeks and will provide green electricity to around 100,000 households, contributing to a significant reduction in CO2 emissions, estimated at 168,000 tons annually.
The site is the first scheme being connected in Romania from a portfolio of projects in various stages of development and construction, totalling approximately 2.2GW.
During the first half of 2024, it plans to connect several additional new sites in the country, already under construction, with a total capacity of 234MW.
“I am thrilled about the commercial operation of Ratesti, our flagship project in Europe as a publicly-traded company and a leading Independent Power Producer in Europe,” said Econergy co-founder and chief executive Eyal Podhorzer.
“Ratesti is currently the largest solar project in Romania, and its connection represents a significant milestone beyond the accumulation and net asset value forecast for shareholders.
“In 2024, alongside additional projects in Romania, we expect to connect further projects across Europe, including 648MW of PV and wind projects and an additional 102MW-hours of energy storage, projected to generate annual revenues exceeding €160m.
The company has a strong capital structure ensuring the implementation of planned projects over the next five years.”