Enspire Enerji, investment branch of Turkey-based Entek Elektrik, took over a 214 MW solar power project in Romania from Econergy for EUR 32.9 million. The investment is in an advanced stage.
Turkish oil refiner Tüpraş announced that its subsidiary took over a giant photovoltaic project in Romania from Israeli developer Econergy Renewable Energy. Namely, Entek Elektrik agreed to pay EUR 32.9 million through its investment arm Enspire Enerji for Eco Sun Niculești, the permit holder, and Euromec-Ciocănari, which owns the land.
Niculești is a commune north of capital Bucharest, in Dâmbovița county. The solar power plant is envisaged with 214 MW in nominal capacity.
The project got technical connection approval in August for 177 MW from the country’s transmission system operator Transelectrica. Peak or nominal capacity refers to the highest possible generation of direct current in the solar panels. Such projects have power grid connections that are usually 20% lower.
Transaction to be closed when project reaches ready-to-build stage
Enspire Enerji will obtain the shares in the two project firms after regulatory clearance and when the project is ready to start construction, with all necessary permits, according to the terms of the deal. The transaction is expected to be executed by the end of January.
Econergy said its strategy is to diversify the revenue stream by selling electricity and the projects that it develops as well as with management and construction services.
The Israeli renewables company has a 2 GW pipeline in Romania, of which 246 MW is operational and 800 MW is under development and in construction. It estimated that 198 MW would be completed by the end of the year.
Econergy co-owns Romania’s biggest solar park overall but also biggest one with solar trackers
Econergy, which operates in Italy, the United Kingdom, Spain, Poland and Greece, completed the largest solar power plant in Romania last year in partnership with Nofar Energy. The Rătești system has 155 MW in peak capacity. Of note, Nofar broke ground on a 26 MW photovoltaic project last month in neighboring Serbia.
In addition, together with its partner RGreen Invest, a French infrastructure fund manager, Econergy has just inaugurated a solar park of 92 MW in peak capacity in central Romania. Located in Părău near Brașov, it is its other operational asset in the country. The Romanian Photovoltaic Industry Association organized the event.
The facility spanning 116 hectares is the biggest one equipped with solar trackers in Romania. It is also an agrisolar or agrivoltaic plant – cattle are grazing beneath the panels, which are mounted on support structures.
The investment is worth EUR 70 million. The construction was completed in little more than one year. Econergy and RGreen took the project over from local developer Heliolux. They won EUR 7 million in subsidies through the National Recovery and Resilience Plan.
Romanian media reported that Transelectrica would offtake the electricity for the average day-ahead market price over the previous three months.
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