Renewables

CWP, Mercuria join forces to build 2 GW of renewables in Southeast Europe

CWP, Mercuria join forces to build 2 GW of renewables in Southeast Europe

Published

October 12, 2021

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Published:

October 12, 2021

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CWP, a leading independent renewable energy developer in Southeast Europe and Australia, and Mercuria Energy Trading, one of the world’s largest independent energy traders, have set up a joint venture to complete and build out CWP ‘s renewables portfolio in Bulgaria, Serbia, Romania, and Ukraine.

CWP’s portfolio, which has been in active development since 2018, consists of more than 2 GW of large-scale wind, solar, and battery storage projects in the four carbon-intensive countries. Mercuria’s investment in CWP Europe will help accelerate decarbonization in the region, according to a press release from CWP Global.

Mercuria’s support will help CWP Europe to realize its EUR 1.9 billion investment plan over the coming years

Mercuria, a commodity trading giant, with revenues exceeding USD 100 billion, will provide its broad expertise in energy markets and increased financial support, which will allow CWP Europe to realize its EUR 1.9 billion investment plan over the next several years.

CWP is already the leading international developer active in the region, having developed the largest wind farm in Serbia, the 156 MW Čibuk project, and in Romania, the 600 MW megawatt Fântânele-Cogealac wind farm. It has also recently entered the Ukrainian energy market by acquiring a 73 MW wind project.

Mercuria’s strategic investment in CWP Europe will speed up the development of the existing portfolio and significantly expand the opportunity with additional developments, according to the press release.

The four countries are in urgent need of replacing coal with renewables

“We see a tremendous opportunity in these markets, where a massive amount of expensive and polluting coal needs to be replaced with renewables as quickly as possible,” said Dimitar Enchev, CWP Europe’s CEO, adding that this is the only way to achieve decarbonization targets and keep power prices in check in the long run.

Bulgaria, Serbia, Romania and Ukraine have some of Europe’s most polluted air due to coal’s dominant role

Bulgaria, Serbia, Romania, and Ukraine, where coal is still playing a dominant role in the energy sector, have some of Europe’s most polluted air and some of the highest rates of premature deaths caused by air pollution in the developed world.

“We are pleased to join CWP Europe to help provide needed low-cost green energy to Southeast Europe,” said Jean-François Steels, Vice President of Energy Transition at Mercuria.

CWP is also one of Australia’s largest renewable energy developers, having realized 760 MW of capacity, with another 2.5 GW of wind, solar, and storage under development in a joint venture with Partners Group.

Mercuria is a leading player in European wholesale power. Its experience will enable CWP Europe to optimize its portfolio of renewable energy assets and offer superior and more competitive products to its corporate and industrial power off-takers.

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