Turkish companies expand presence in solar power market in Romania

Through its subsidiary Entek Elektrik, Turkish oil refiner Tüpraş completed the acquisition of a 214.3 MW photovoltaic project north of Bucharest. Defic Globe, YEO’s Istanbul-based joint venture with Emsolt Investments, entered a project for two CfD-backed solar power plants of 190 MW in total peak capacity in Romania.

With the reinvigoration of its solar power market over the past several years, Romania is attracting foreign investors, including Turkish companies. The shares of two firms with rights to a project for a solar power plant of 214.3 MW in peak capacity in Romania were transferred to Enspire Enerji, controlled by Entek Elektrik.

The update was published for regulatory purposes by Türkiye Petrol Rafinerileri (Tüpraş) as Entek is its subsidiary and Enspire is an investment branch. The transaction was agreed in June. The acquired special purpose vehicles Eco Sun Niculești and Euromec-Ciocănari belonged to Econergy.

The original sum was EUR 32.9 million. Tüpraş said they revised it to EUR 33.2 million and that it paid EUR 29.2 million so far.

Niculești is a commune north of capital Bucharest, in Dâmbovița county. The project got technical connection approval in 2023 for 177 MW from the country’s transmission system operator Transelectrica.

Turkish JV Defic Globe to build, co-own Scatec’s two PV plants in Romania

Turkish joint venture Defic Globe also has recent news from Romania. Owned by YEO Technology (YEO Teknoloji Enerji ve Endüstri), at 51%, and Emsolt Investments, it signed a deal for a 35% stake in Scatec’s project for two solar power plants, as well as an engineering, procurement and construction (EPC) contract.

The locations are in the counties Dolj and Olt in the country’s south. The two facilities would have 190 MW in combined peak capacity.

Scatec said it would hold 65% and procure key components, comprising about 30% of total capital expenditure (capex). Equinor is the Norwegian company’s biggest shareholder. Scatec further revealed it would provide operations and maintenance (O&M) and asset management services.

Start of construction expected in second half of 2025

The investment is valued at EUR 140 million. Financial close and construction start are expected in the second half of the year, Scatec said.

Importantly, last month it signed a 15-year contract-for-difference (CfD) with Opcom, the Romanian electricity market operator. It covers 70% of the estimated output, while the rest will be offered on the domestic wholesale electricity market. The company won government support at the country’s first CfD auction.

Defic Globe completed its first PV plant in Romania in 2023.

Romania has attractive market fundamentals, a clear energy transition agenda, and established offtake routes through the CfD auctions, corporate power purchase agreements (PPAs) and a mature electricity market, according to Scatec. The company indicated it would expand its cooperation with Defic Globe.