Renewables

BIG Shopping Centers buys another wind project in Romania

BIG-Shopping-Centers-BIG-Energia-wind-project-Romania

Photo: BIG Shopping Centers Group

Published

June 13, 2022

Country

Comments

comments icon

0

Share

Published:

June 13, 2022

Country:

Comments:

comments icon

0

Share

Israeli shopping mall developer BIG Shopping Centers is making further inroads into the renewable energy market by entering into an agreement to acquire a 120 MW wind project in Romania. The investment, estimated to reach about EUR 135 million, comes on the heels of the recent acquisition of a 102 MW wind project, Urleasca, also in Romania, according to a press release from the company.

The 120 MW wind project will be taken over by BIG Energia Holdings Kft, the energy arm of BIG Shopping Centers. The project, which is an advanced phase of development, should include 20 wind turbines with a capacity of 6 MW each. Its annual electricity output is projected at 384 GWh.

The future wind farm will generate 384 GWh of electricity a year

In the initial stage of the acquisition, BIG Energia will pay EUR 9 million for the shares of a Romanian company which owns rights in the wind project and for the project development. The amount will be paid in accordance with the pace of the project development until the approval of construction permits.

The project has already received the Romanian Environment Authority’s approval and the grid connection permit for a capacity of 92 MW. The final approval, for 120 MW, is expected to be obtained in the coming months, BIG Shopping Centers said.

The wind farm’s projected annual revenue is EUR 21 million

The wind farm, whose operating life will be at least 25 years, is expected to generate about EUR 21 million in gross revenues annually after balancing payments, based on a sale price of EUR 55 euros per MWh net, the company said. The total EBITDA from the project is expected to be about EUR 16 million per year.

Hay Galis, CEO of BIG Shopping Centers, said the company sees the energy sector as an engine of growth and investment diversification, in line with its strategy and sustainability values.

BIG Energia’s first Romanian project is expected to get a building permit in Q1 2023

Galis also said that the Urleasca project, which was acquired at the end of 2021, recently received approval to connect to Romania’s national electrical grid and is expected to receive a building permit in the first quarter of 2023, according to the press release. Urleasca will have 17 turbines, of 6 MW each.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

belgrade energy forum bef 2025 western balkans electricity market coupling cbam

Western Balkans power markets: hope for coupling with EU, concerns about CBAM

29 May 2025 - Representatives of TSOs, regulators and power exchanges gathered at a panel on the integration of Western Balkans markets into the EU market

Global battery storage capacity expands record 200 GWh 2024

Global battery storage capacity expands by record 200 GWh in 2024

29 May 2025 - The cost of storing electricity has dropped thanks to the declining cost of battery projects and technological advancements, Rystad says

CyberGrid is committed to energy transition in SEE with its aggregation solutions Candellari

CyberGrid is committed to energy transition in SEE with its aggregation solutions

28 May 2025 - CyberGrid's Nikolaj Candellari said at BEF 2025 that the firm believes in the energy transition in SEE, contributing to the process with its solutions

ACER Zinglersen Integrate electricity markets flexibility new era already here BEF 2025

ACER’s Zinglersen: Integrate electricity markets to bolster flexibility as new era is already here

28 May 2025 - The number of hours with negative power prices reached an all-time high for two years in a row, which means a new era is here, ACER's Director Christian Zinglersen said at BEF 2025