Finland-based Korkia sets up local partnership for solar power investments in Romania

Korkia, headquartered in Finland, and Greek-Romanian firm Econous Green Energy teamed up for solar power projects of 600 MW in total in Romania.

After entering eight countries, of which it has operational assets in Chile and Romania, Korkia now set its eyes on Romania. The Finnish company invests in entire portfolios of ground-mounted photovoltaic and onshore wind power projects in partnership with local developers.

In Romania, it chose Econous Green Energy, which has offices in Athens, Bucharest and Thessaloniki. Initial solar power projects are expected to be licensed and ready for construction next year, according to the announcement. Total planned capacity is 600 MW.

Korkia doesn’t seem to be afraid to be late to the party in Romania. The country is attracting major investments in renewables, fueled by subsidies and legal reforms. It is undergoing a solar boom, currently overwhelmingly driven by prosumers. But the rise in the number of mature utility-scale renewable energy projects is firming as well.

The adoption of the legal framework for auctions for contracts for difference (CfDs) is several years late, though the government provided other kinds of incentives in the meantime. Romania is about to pass an offshore wind power law.

Annual production estimated at 780 GWh

Korkia translated 600 MW of photovoltaic capacity into an estimate for 780 GWh in annual output. It is equivalent to the electricity consumption of 200,000 European households, it added.

“Romania’s renewable energy development sector is now attracting an increasing number of international investors. The country is in a very good position to increase its capacity, and the government has set ambitious growth targets. Romania is on track to become a renewable energy hub in Southeast Europe,” the company’s Investment Director Peter Goitanich said.

More than 1 GW of solar power under development in Greece

Romania has ambitions to become a net exporter of renewable energy, Korkia noted. It pointed out that the country’s market is expected to grow by more than 7 GW over the next ten years, attributing the surge to high levels of irradiation and land availability.

Korkia is also developing more than 1 GW overall with energy storage in Thessaly in the Greek mainland and in Crete. The company has over one hundred projects in its overall portfolio, according to its website. It comprises 13 GW of solar and wind power and 3.9 GW of battery energy storage systems.

“Our partnership with Korkia marks a significant moment in our evolution as a key player in the Romanian renewable energy sector,” said Econous Green Energy’s Chief Executive Officer Christos Lialios. The firm offers consulting and technical services.