Renewables

Green Genius preparing to invest EUR 450 million in solar power in Romania

Green Genius invest EUR 450 million solar power Romania

Photo: Mariana Proença on Unsplash

Published

February 3, 2022

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Published:

February 3, 2022

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Green Genius from Lithuania said it intends to install solar parks with a combined capacity of over 500 MW in Romania by 2025 by investing EUR 450 million.

Right after Germany-based wpd revealed plans for two offshore wind farms in Romania’s Black Sea with a combined capacity of 1.9 GW, Green Genius said it intends to build solar parks in the same country with over 500 MW in total by 2025.

The firm, part of Modus group from Lithuania, added that it earmarked EUR 450 million for the endeavor, which is a bit more than it invested in the past five years altogether, judging by the data on its website.

Projects pile up against limited possibilities for grid connection

Encouraged by ambitious decarbonization plans in the European Union and the incentives awarded through auctions, renewable energy developers are launching utility-scale projects to position themselves in target markets. However, new capacities mostly depend on investments in grids and the transmission system including interconnections, but also on legal reforms.

New capacities mostly depend on investments in grids and the transmission system in a country but also on legal reforms

For instance, only 10% to 20% of 95 GW in licensed renewable energy projects in Greece is expected to come online by 2030.

Romania’s National Integrated Plan for Energy and Climate Change 2021-2030 (NIPECC) envisages the construction of 2.3 GW in wind farms and 3.7 GW in solar parks to reach a share of renewables in gross final energy consumption of 30.7%. Domestic and foreign companies have pledged billions of euros for a range of mid-sized and giant renewable energy projects.

Green Genius mostly leans on development of solar parks in Italy

“With its energy sectors currently in a rapid growth phase, Romania has promising potential for the development of solar projects. Geographically, Romania has numerous advantages when it comes to solar energy investments,” Green Genius’s Chief Executive Officer Ruslan Sklepovič said.

The company added its pipeline of photovoltaic projects exceeds 1.5 GW. According to its solar power portfolio, Green Genius installed 206 MW, of which two thirds are in Poland. It also operates such facilities in Ukraine, Lithuania, Belarus and Latvia, the data shows.

Most of the capacity in late development, 685 MW out of over 1 GW, is in Italy, followed by Poland, Spain and Lithuania. Before the latest update, Green Genius had plans to install 100 MW in Romania.

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