Romania’s energy supplier Restart Energy and US-based fund Interlink Capital Strategies have established a joint venture to develop USD 500 million investments in green energy in Romania and neighboring countries, as well as a blockchain platform in the US.
Restart Energy and Interlink Capital Strategies will also expand into the US market with an innovative blockchain electricity trading platform.
Restart Energy, established in 2015 in Timisoara, supplies power and natural gas to 30,000 households and 5,000 corporate customers. It operates in Romania and Serbia while Interlink Capital Strategies, established in 1994, is a Washington, DC-based fund manager, management consulting, and financial advisory firm.
Restart Energy’s plan is to acquire and develop 100 MW of renewaable energy projects per year
The joint venture will finance the acquisition and development of 500 MW of renewable energy projects by the end of 2025, according to the Interlink website.
Companies also intend to expand the RED platform – an online energy trading platform based on blockchain technology – in USA
Restart Energy’s plan is to acquire and develop 100 MW of solar, wind, biogas, biomass, and geothermal energy projects per year, with estimated investments of USD 100 million annually. Interlink will act as a strategic advisor to arrange the fund.
“The two companies decided also to expand the Restart Energy business into the American market – by launching together in USA the Restart Energy Democracy (RED) platform – an online energy trading platform based on blockchain technology that allows peer to peer transfers between energy producers and final consumers, the launch of a fully digital energy business franchise and carbon credits system for renewable energy production and consumption,” the press release reads.
The RED Platform was launched in 2019, initially in Romania Restart Energy’s home market.
Restart Energy to become the first fully sustainable energy supplier in Romania
Armand Domuta, CEO and founder of Restart Energy, said that the partnership will provide access to US capital and accelerate the company’s goal of providing 1,000 GWh of clean and affordable renewable energy for 300,000 consumers in Romania and Europe by 2025.
This will allow Restart Energy to become the first fully sustainable energy supplier in Romania delivering 100% locally produced green energy to its customers until 2025, he said.
Interlink to get additional assets in Europe
According to Alan Beard, Interlink’s Managing Director, the RED business model will bring to the USA a new, and improved approach to how renewable energy is financed, produced, and consumed.
“In parallel, the investment in the Restart Energy’s plans in Europe will allow us to develop additional renewable energy assets, especially since Restart is already active in Romanian and Serbian markets with the intention to expand this year in Germany and Spain,” said Beard.
The partnership will be operated through Restart Energy Innovative Technologies AG (REIT AG), a Swiss-based holding company.