Finnish renewable energy investor Korkia and Romania-based renewable energy developer Econous Green Energy have set up a partnership to develop 600MW of solar energy in Romania.
Initial projects are expected to be licensed and ready for construction in 2025.
Korkia said 600MW of photovoltaic capacity means approximately 780,000MWh of electricity production, that, once operational, will generate enough renewable energy for an equivalent of roughly 200,000 European households.
The projects will reduce carbon dioxide emissions by approximately 300,000kg annually, which corresponds to the annual emissions of approximately 120,000 cars.
Romania has ambitions to become a net exporter of renewable energy and strengthen its position as an important part of Europe’s energy system.
The market is expected to grow by more than 7GW over the next 10 years.
The country has favourable conditions for solar generation, including high levels of irradiation and land availability.
Korkia investment director Peter Goitanich said: “Romania’s renewable energy development sector is now attracting an increasing number of international investors.
“The country is in a very good position to increase its capacity, and the government has set ambitious growth targets. Romania is on track to become a renewable energy hub in Southeast Europe.”
Econous Green Energy chief executive Christos Lialios added: “Our partnership with Korkia marks a significant moment in our evolution as a key player in the Romanian renewable energy sector.
“We are thrilled to collaborate with a renowned company like Korkia to develop large-scale solar projects in Romania.
“This partnership not only reaffirms our commitment to the transition to a sustainable energy future, but also demonstrates our ability to innovate and act in a way that brings significant benefits to the environment and our communities.
“We are proud to be part of an initiative that will bring benefits to Romania and all of Europe.”