Israel-based Nofar Energy expanded its Romanian renewable energy portfolio with an advanced 255 MW solar power project, which it expects to start building next year. It would currently be the biggest photovoltaic unit in the country by far.
Nofar Energy, listed on the Tel Aviv Stock Exchange, revealed it intends to install a 255 MW solar power plant on a 290-hectare lot in southern Romania, valuing its endeavor at EUR 135 million. According to data from the International Renewable Energy Agency, the country had 1.4 GW installed in photovoltaic capacity and 3 GW in wind power at the end of last year.
The Israeli company said it aims to start construction next year pending approvals. It would be the largest solar power plant by far now in Romania. Nofar aims to take advantage of the project’s advanced level of development and the proximity to a high voltage transmission line.
Nofar Energy said it has 579 MW in total in the pipeline in Romania, including the 155 MW Rătești project, which should come online by the end of the year
The company’s share of holdings in the project will be 85.5% to 90%, the announcement reads. The utility said it expects to generate EUR 27 million in annual revenues. Nofar said that, pending necessary permits, it aims to start construction in 2023.
The investor revealed it has 579 MW in total in the pipeline in Romania, including the Rătești project, planned for a capacity of 155 MW, The company added it is in an advanced stage. Its other major endeavor is in Iepurești, with 169 MW. The company pointed out it is in an advanced development and licensing stage.
Transelectrica, Romania’s transmission system operator, sees the start of operation of the Rătești solar power plant in November. Renewable energy investor, developer and operator Econergy, also listed in Tel Aviv, is the partner in the project.