Renewables

BIG Shopping Centers buys another wind project in Romania

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Photo: BIG Shopping Centers Group

Published

June 13, 2022

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Published:

June 13, 2022

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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.

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