Photo: Harisankar on Unsplash
Photosol is preparing to establish an office in Romania, from where it would run its operations in Bulgaria and the Western Balkans as well. The France-based company revealed it is targeting a portfolio of solar power projects of an overall 1.2 GW in the region.
Photosol operates 97 photovoltaic plants in France and plans another 5 GW including in Romania, which it is about to enter this year, Economica.net reported. The company is targeting 500 MW in the country, its International Development Director for Strategic Development Cyril Perrotey said at the Solar Energy Bucharest Summit.
The future head office in Romania will also be responsible for Bulgaria and the Western Balkans, he added.
“Why are we investing in Romania? Because it is a dynamic market, aligned with the economic context and sustainability values of the European Union. We have found in Romania an economic environment conducive to business development and Photosol’s expansion,” Perrotey stated.
Photosol to invest in ground-mounted facilities before starting with agrivoltaics
Romania’s consumption of renewable energy and the development potential in the segment are among the biggest in the region, in his view. Investors including Photosol are driven by the possibility of capitalizing on projects, even if they are in their infancy or imperfect, and tapping on the EU’s funding mechanisms, Perrotey explained.
The company’s 2030 target for photovoltaics in the entire region is 1.2 GW, the update reads. Photosol intends to develop projects for ground-mounted solar power plants first and agrivoltaics after that. As for financing, it counts on commercial power purchase agreements (PPAs) to secure half of the revenues, according to the news outlet.
Romania’s ambitious renewables target makes its market attractive
Perrotey outlined the advantages that the company sees in Romania, including the gradual phaseout of coal and Russian gas, an ambitious renewables target and a contract-for-difference (CfD) state support mechanism. He said the country had 4.9 GW of photovoltaics online last year, compared to the 2030 goal of 8.2 GW. Romania has the highest growth rate in the region in the segment and strong interconnections, the risks are acceptable and permits are approved quickly, Photosol’s representative asserted.
The commercial PPA market is maturing – deals for 346 MW in total were signed in 2024, he underscored. Romania has a developed financial system with commercial banks and investment funds, though financing costs in the local currency are high, Perrotey said.
Financing costs in the local currency are high in Romania
Photosol has a portfolio of operational solar power plants and ones under construction of 992 MW in combined peak capacity, the article adds. More than 5 GW is in the pipeline, targeted for completion by 2030. It includes solar power projects in Italy, Spain and Poland.
According to Photosol’s website, its two largest plants, Ychoux-Parentis and Verneuil, each have 43 MW in peak capacity. The company is building one facility of 51 MW in peak capacity, also in France. Photosol provides turnkey deals for PV systems for landowners.
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