Oil major TotalEnergies buys five solar projects in Romania

Renewable energy developer PNE is selling five solar projects in Romania to TotalEnergies Renewables SAS, according to an announcement from the company.

The five photovoltaic projects are under development, with a combined capacity of 208 MWp.

PNE will remain responsible for further project development until a ready-to-build stage is achieved, the company said.

The two sides have agreed not to disclose the purchase price.

PNE has been active in Romania for over 10 years and has successfully developed and sold 510 MW/MWp of wind and solar photovoltaic projects. It currently has a 1 GW volume of projects under development.

As part of its ambition to get to net zero by 2050, TotalEnergies is building a portfolio of activities in electricity and renewables. At the end of 2022, the company’s gross installed capacity for renewable electricity generation stood at nearly 17 GW.

The development of these projects allows TotalEnergies to strengthen its presence in Eastern Europe

Its objective is to be among the world’s top five producers of electricity from wind and solar energy, the oil major said.

Markus Lesser, CEO of PNE, said that the agreement confirms that PNE’s ‘Scale Up 2.0’ strategy is appealing in the industry. “By delivering ready-to-build projects, PNE extends its resilient business model whilst simultaneously enhancing company value,” he added.

According to Marin de Montbel, Vice President Renewable Explorer – New Markets at TotalEnergies, the acquisition of these five solar projects in Romania is a perfect illustration of the company’s commitment to developing its renewable energy activities in the country, and more broadly in Eastern Europe, in support of the European Green Deal.

“The development of these projects allows us to deploy the company’s expertise in solar power generation and strengthens our presence in Eastern Europe with the acquisition of a portfolio of solar projects in Poland with a total capacity of 200 MW,” Montbel said.

TotalEnergies plans to reach 35 GW of gross production capacity from renewable sources and storage by 2025, and then 100 GW by 2030.

Of note, Jantzen Renewables has agreed last month to sell a 710 MW solar project in Romania to another fossil fuel company, OMV Petrom.