Renewables

Restart Energy agrees grid connection for Romania’s second biggest solar park

restart-energy-solar-park

Photo: Pexels

Published

June 4, 2024

Country

Comments

comments icon

0

Share

Published:

June 4, 2024

Country:

Comments:

comments icon

0

Share

Agrovoltaics, a subsidiary of Romania’s Restart Energy group, has concluded an EUR 11.3 million grid connection agreement with transmission system operator (TSO) Transelectrica for the second largest solar park in the country. The 500 MW project will be financed by the US export credit agency, according to a statement from the company.

Restart Energy expects construction to begin in the second quarter of 2025 and the project to be completed by the end of 2026. The photovoltaic park, located in the town of Şimand in Romania’s Arad province, should be able to supply electricity to about 200,000 households.

The solar park’s annual electricity output is projected at over 800,000 MWh. This should help reduce carbon emissions by about 400,000 tons per year, or a total of 12 million tons throughout the operating life of the facility, resulting in EUR 1 billion in environmental benefits, according to the statement.

The US export credit agency is ready to provide USD 380 million for the project

The company has received a letter of interest from the Export-Import Bank of the United States (EXIM) to provide USD 380 million in financing for the project, according to the statement. The financing would be provided through US-based fund Interlink Capital Strategies, which signed a partnership agreement with the Romanian renewable energy company in January 2021.

Restart Energy plans to use American technology, which will include state-of-the-art photovoltaic panels produced by SEG Solar and energy storage batteries produced by Tesla, with a total capacity of 1 GWh.

Restart Energy will use American solar panels and batteries

In February 2021, Restart Energy successfully launched the first issue of convertible green bonds in Romania, which were listed on the Bucharest Stock Exchange.

Romania seeks to develop enough renewable energy capacities to meet its national target of 30.7% of renewables in the energy mix. According to the country’s Integrated National Energy and Climate Plan (INECP), projections for the year 2030 foresee an increase in solar capacities of up to 6.9 GW.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

serbia azerbaijan gas power plant nis memorandum eps srbijagas dubravka djedovic

Serbia to sign gas power plant memorandum with Azerbaijan

20 January 2025 - Dubravka Đedović Handanović spoke about a gas power plant project in Serbia with Deputy Minister of Economy of Azerbaijan Anar Akhundov

Kontrolmatik floating solar power plant Ankara

Kontrolmatik commissions floating solar power plant near Ankara

20 January 2025 - Kontrolmatik launched production at a floating solar power plant of 1 MW in peak capacity on the Bayındır lake in Ankara province

Chevron enters Greek natural gas exploration west of Crete

Chevron enters Greece for natural gas exploration west of Crete

20 January 2025 - Chevron, the second largest-listed oil company in the world, has entered Greece to explore natural gas reserves

Eliza Barnea, EUSEW Young Energy Ambassador

The green transition at a crossroads: how equity can take it forward

20 January 2025 - The EU's Green and Social Deal must ensure a fair and equitable green transition, balancing climate action with social protections for vulnerable groups.