Real estate investor Portland Trust has sold the largest solar project in Romania, with a planned capacity of 153 MW, to renewable energy companies Econergy and Nofar Energy.
Portland Trust’s photovoltaic plant will be installed on 165 hectares in Rătești, Argeș County, northwest of Romania. The completion of the transaction is expected by the end of October, local media reported.
Portland Trust Renewables 1, owned by Portland Trust, earlier obtained a grid connection permit. Romania’s transmission system operator Transelectrica estimated the solar power project would become operational in 2022.
Ratesti solar project has secured connection permit
In March, Portland Trust announced a plan to create a 500 MW portfolio of solar projects, and confirmed it has secured a permit from Transelectrica for a project in Rătești. The overall investment in the portfolio was estimated at EUR 450 million, of which EUR 120 million in the Rătești project.
State-owned power utility Hidroelectrica was also interested in buying the project
Timothy Duffill, the representative of Portland Trust, said the company is looking forward to working with Econergy and Nofar Energy to make the 153 MW solar project a remarkable contribution to renewable energy generation in Romania.
In April, state-owned power utility Hidroelectrica announced that it is interested in buying the Rătești solar project from Portland Trust in order to diversify its portfolio.