Bulgaria, Romania offer much higher renewable energy project returns than Greece – HELLENiQ Energy

Newly purchased wind and solar projects in Romania and Bulgaria will bring HELLENiQ Energy much higher returns than ones in the Greek market, claims Deputy Chief Executive Officer George Alexopoulos.

HELLENiQ Renewables Romania, operating under Greece-based HELLENiQ Energy, bought a wind project in Scânteiesti in Galaţi in eastern Romania, with a licensed capacity of 96 MW, and a wind project in the Vaslui region, with a licensed capacity of 186 MW.

In addition, HELLENiQ Energy completed the purchase of a photovoltaic project of 123 MW in Haskovo region in southern Bulgaria, which marks the company’s entry into the country.

The company is facing delays in the Greek renewables market

“We achieved deals on three new projects at a ready-to-build phase in Romania and Bulgaria, which are effectively consistent with our announced strategy and they allow us to have better visibility of the achievement of the interim target of 1.5 GW in operation in the next few years,” the company’s CEO Andreas Shiamishis stressed at the presentation of the financial results from the second quarter and first half of 2025.

Unfortunately, he added, when it comes to the Greek renewables market, the company is facing delays, primarily because of Greek connection terms clarity.

The three new projects are much less susceptible to future curtailment

In the view of George Alexopoulos, Deputy CEO and GM Group Strategic Planning & New Activities, the three said projects are much less susceptible to future curtailment. They also bring notably much higher financial returns than what the company is observing in the Greek market, he said.

Alexopoulos stressed the construction of one project in Romania is starting immediately and that the company expects all the assets to be operational by 2028.

“We expect returns of 10% to 12%, which is considerably higher than Greece, and capex of approximately EUR 0.5 billion, which will be financed on a project finance basis, for the most part,” Alexopoulos explained.