In the first step in the creation of a renewable energy production portfolio of 500 MW, Restart Energy acquired a ready-to-build project and announced it would invest USD 30 million in the construction of a 45 MW solar power plant.
Electricity and gas supplier Restart Energy said it would build a photovoltaic plant in the northwest of Romania and that it aims to launch production by the end of March next year. The company revealed the project is worth USD 30 million. The planned capacity of the solar power plant is 45 MW.
One hundred workers will be needed in the construction phase while the facility will create 15 permanent jobs, according to the investor. The output of the photovoltaic park in Sărmășag in Sălaj County is projected at 55 GWh per year, matching the consumption of 25,000 Romanian households. According to the announcement, it would prevent the release of 1.23 million tons of carbon dioxide over the 25 years of its operation.
Project is shovel-ready
The purchased project is ready to be built, Restart Energy added. It said it is the first step in developing and integrating its upstream segment with 500 MW renewable energy projects by the end of 2025, by buying or developing 100 MW per year. It founded a joint venture with Interlink Capital Strategies from the United States for the endeavor.
The construction of the Sărmășag solar power plant will partly be funded through private equity and banks
The company estimated annual investments in the next five years at USD 100 million. Restart Energy said it targets solar, wind, biogas, biomass and geothermal energy.
The Sărmășag project was purchased at the brownfield stage from a team of experienced developers, the company pointed out.
Construction to start by end of June
“We are delighted to be able to contribute to the green development of Romania’s energy infrastructure as well as to help balance the grid by introducing a new renewable asset that produces clean, green energy from the sun during peak hours. Construction is scheduled to begin in the second quarter of this year,” Chief Executive Officer and Founder Armand Domuța stated.
Besides the company’s own funds, the project will be financed via private equity and banks, Restart said. Last year it had a turnover of EUR 24.6 million and a net profit of EUR 2.7 million. The management vowed to boost the figures to EUR 54.1 million and EUR 5 million, respectively.
Restart recently issued bonds denominated in the domestic currency and raised EUR 3.3 million for the development and acquisitions of renewable energy production assets in Romania. The firm, established in 2015 in Timișoara, also operates in Serbia, while it is interested in expanding to Germany and Spain and other European markets.