Renewables

Nofar acquires 255 MW solar power project in Romania

Nofar acquires 255 MW solar power project in Romania

Photo: Freepik

Published

December 21, 2023

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Published:

December 21, 2023

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Portland Trust has developed one of the largest photovoltaic projects in Romania and sold it to Israel-based Nofar Energy. The site is in Dâmbovița county, where another utility-scale solar power plant has set the stage for the construction of the first small modular reactor in the European Union.

The rights for a major photovoltaic investment in the Corbii Mari commune have changed hands. Portland Trust, which has developed a 255 MW project in Dambovița county, sold it at an undiscovered cost to Nofar Energy. Local authorities said it is worth more than EUR 120 million, which could actually be too little to cover the construction and commissioning of such a facility.

The site, spanning 290 hectares, is in Muntenia province, just northwest of the capital Bucharest. Works are expected to start next year. Annual output is estimated at 362 GWh, according to the announcement.

Nofar’s overall portfolio in Romania tops 1 GW

With the transaction, Israel-based Nofar Energy said its portfolio of operational and renewable energy projects under development in Romania reached 1 GW. In partnership with Econergy, it commissioned the country’s largest PV plant in October, at a nearby location. It was also originally developed by Portland Trust.

Nofar invests in solar and wind power and energy storage in Spain, Italy, Israel, Poland, Romania, the United Kingdom and United States.

“After more than 25 years of presence in the Romanian market, we are happy that through our projects we we support the national decarbonization strategy,” Portland Trust’s Country Manager Florin Furdui said. The commercial real estate developer is present in the Czech Republic as well.

Of note, the communes of Doicești and Şotânga in the Dambovița county host an 80 MW solar power plant within a future nuclear-solar power complex. It is envisaged to include Europe’s first small modular reactor (SMR), on the site of the former Doicești coal-fired power plant.

Dambovița county growing into solar power hub on top of SMR pioneering project

There are several more major solar power investments underway in the same county. The Vișina PV system is seen at 213 MW, compared to the 177 MW Niculesti project and Butimanu of 222 MW.

Portland Trust, according to its website, was established in 2003 to promote peace and stability between Israelis and Palestinians through economic development.

State-owned Hidroelectrica is working on a 1.5 GW solar power project in the province of Oltenia, but it recently called off a tender. It would in fact be the largest investment in Europe in the sector and not just in Romania.

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